Chiron Acquires Sagres Discovery
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Chiron Corp., eager to build its drug development pipeline, said it had acquired Sagres Discovery Inc., a privately held biotechnology company. The price wasn’t disclosed.
Davis, Calif.-based Sagres put itself up for sale this year because it had trouble raising the $25 million to $35 million needed to keep the company’s drug development program on track through 2005, chief scientific officer Ali Fattaey said.
The company had about 50 employees and had raised $20 million since its inception in 2000.
Chiron, based in Emeryville, Calif., wants to expand its business in cancer, a lucrative field with a need for new drugs. Chiron had revenue of $1.8 billion in 2003, largely derived from sales of its flu vaccine, blood-testing equipment and royalties.
Shares of Chiron slipped 71 cents to $43.69 on Nasdaq.
-- Denise Gellene
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