Chiron to acquire Matrix for $61 mill

Chiron Corp has entered into a definitive agreement with MatrixPharmaceutical to acquire the company for $61 million. The transaction is expected to close in the first quarter of this year, subject to customary conditions, and the firms noted that both boards of directors have unanimously approved the deal.

Craig Wheeler, president of Chiron's biopharmaceuticals division, said that the acquisition "is an important first step toward expanding our oncology portfolio." In particular, the firm will gain access to Matrix' tezacitabine program, which he said is "an exciting addition to our portfolio of cancer therapeutics."

Paying "significant premium"