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Novartis Creates New Vaccines Division Following Close of Chiron Deal
Chiron shareholders approved the merger at a special shareholders' meeting, with the deal officially closing on April 20. Annual cost synergies of $200 million are anticipated within three years after closing, with 50% expected to be achieved in the first 18 months. With the Chiron acquisition now complete, Novartis is creating Novartis Vaccines and Diagnostics, consisting of two businesses: Novartis Vaccines and a diagnostics business that will retain the Chiron name. "We are committed to investing the significant skills and capital needed to build a global leader in the increasingly important vaccines and diagnostics markets and contribute to meeting emerging public health needs," said Joerg Reinhardt, CEO of Novartis Vaccines and Diagnostics, in a company statement. Novartis will continue Chiron's current manufacturing-remediation program. Novartis says it will focus on continued improvements in quality assurance and make the necessary investments to upgrade manufacturing capabilities while exploring new technologies to increase the capacity and reliability of the manufacturing process. Chiron had quality issues at its manufacturing facilities in Liverpool, England, which produced its "Fluvirin," influenza virus vaccine. Its license to manufacture the vaccine was temporarily suspended beginning in 2004 and later reinstated in 2005. It also had to reduce supply expectations in 2005 for its "Begrivac" influenza virus vaccine because of quality issues at its manufacturing facility in Marburg, Germany. Chiron is supplying the US government with prepandemic influenza vaccine for a stockpile against the H5N1 avian influenza strain. Chiron won a $62.5-million contract in October 2005 and is manufacturing the product at its Liverpool facility. In finalizing the Chiron deal, Novartis also reported that Chiron's biopharmaceutical business will be integrated into Novartis Pharmaceuticals. Chiron's early-stage research will incorporated into the Novartis Institutes for Biomedical Research, which will maintain Chiron's existing research center in Emeryville, California.
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