Chiron Turns Around Bottom Line

Chiron (CHIR Quote) said Tuesday that it expects to seek shareholder approval in March of a proposed takeover by Novartis (NVS Quote), the Swiss drug colossus that already owns 44% of its shares.

Howard Pien, Chiron's CEO, told investors and analysts that his company must get approval for its merger proxy from the Securities and Exchange Commission before it can set a voting date. Only non-Novartis shareholders can vote.

The Emeryville, Calif., company also needs approval by European Union antitrust regulators. The Federal Trade Commission has already cleared the transaction. Pien, who declined to answer questions about the Novartis bid, repeated previous comments that he expects the deal to be completed during the first half of this year. ...