SEC Ends Chiron Probe

The US Securities and Exchange Commission (SEC) has ended its investigation of whether Chiron Corporation (Emeryville, CA, www.chiron.com) violated federal security laws in connection with the previous suspension of Chiron’s license to manufacture “Fluvirin” influenza virus vaccine by the UK Medicines and Healthcare Products Regulatory Agency, according to a company statement. The SEC has also ended its inquiry into Chiron’s restatement of financial results for the second and third quarters of 2004.

Chiron says it has been informed that no enforcement action has been recommended against the company in connection with these matters.

Separately, the European Commission has approved Novartis AG’s (Basel, Switzerland, www.novartis.com) proposed acquisition of Chiron. This follows approval by US Federal Trade Commission and clearance by the Committee on Foreign Investment in the US under Exon-Florio. 

Chiron and Novartis expect the transaction to be completed in the first half of 2006, subject to stockholder approval.