26 February 1996 00:00 [Source: ICB]
HOECHST SUBSIDIARY Behringwerke has merged its entire vaccines business into a joint venture with Chiron, in which Hoechst will hold a 51% majority.
The US biotechnology group, in which Ciba now holds a 49.9% share, will pay Hoechst DM171.5bn ($117.5m) for 49% of the shares of the new company, which has not yet been named.
The deal could foresee cooperation between Chiron and Hoechst in certain areas of diagnostics and therapeutics, depending on the outcome of ongoing talks. Chiron will have an option to take full control of the jv at a later date.
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