Behringwerke And Chiron Form Vaccines JV

Behringwerke, part of the Hoechst group, has signed an agreement with Chiron Corporation under which the latter will purchase 49% of the human vaccines business of Behring-werke for 171.5 million Deutschemarks ($116.1 million). Chiron has an option to purchase the remaining 51% at a later date. Also, Behringwerke has the option to have Chiron acquire the remaining 51% in five years.

After completion of the transaction, the joint venture will also become a distributor in Germany for vaccines from Chiron Biocine, Chiron's vaccines business unit.

During the period of mutual ownership, Chiron and Behringwerke will operate the vaccines business as a joint venture. The agreement also involves potential collaborations between Chiron and Hoechst in certain areas of diagnostics and therapeutics, which will be negotiated separately.