The Amateur Traders Corner Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The Amateur Traders Corner

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Tom Hua who wrote (17956)	1/7/2002 7:35:25 AM
From: Bocor	Read Replies (1) of 19633

Monday January 7, 7:27 am Eastern Time Chiron to buy Matrix Pharmaceutical for $61 million EMERYVILLE, Calif., Jan 7 (Reuters) - Biotechnology company Chiron Corp. (NasdaqNM:CHIR - news) on Monday said it would buy cancer drug maker Matrix Pharmaceutical Inc. (NasdaqNM:MATX - news) for $61 million in order to expand its cancer drug portfolio. Chiron said the boards of both companies have approved the deal, which is expected to close in the first quarter. The merger is subject to the valid tender of at least a majority of the outstanding shares of Matrix and other conditions, Chiron said. Matrix has been struggling to rebound after a U.S. advisory panel refused to recommend approval for its experimental treatment for head and neck cancer in September. ``This agreement with Matrix is an important first step toward expanding our oncology portfolio, in keeping with Chiron's strategic focus on cancer and infectious disease,'' said Craig Wheeler, president of Chiron's BioPharmaceuticals Division. Shares of Chiron closed at $44.72 on Nasdaq on Friday. Shares of Matrix, which has 26.5 million shares outstanding according to S&P MarketScope, closed at $2.59.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next