Subject: Chiron Cleared to Acquire Cetus Corp. in Stock Swap
Date: Published: 12/11/91 (37 lines)
Source:  Wall Street Journal.  Copyright Dow Jones & Co. Inc. 

    Technology:
    Chiron Cleared to Acquire
    Cetus Corp. in Stock Swap

    EMERYVILLE, Calif.  -- Chiron Corp. won the necessary
 shareholder approvals to acquire Cetus Corp. tomorrow in a
 stock swap valued at about $660 million, the two
 biotechnology companies said.
    Cetus said its holders approved the sale of its polymerase
 chain reaction -- or PCR -- technology for $300 million plus
 possible future royalties to Hoffman-La Roche Inc., a unit of
 Roche Holding Ltd.  of Basel, Switzerland.  PCR is the use of
 genetic material to identify everything from criminal
 suspects to the microbes that cause disease.
    Chiron holders approved the merger transaction, involving
 the issuance of about 10 million new Chiron shares,
 increasing the company's shares outstanding to about 30
 million.  Chiron's shares were quoted at $64 each, unchanged,
 in over-the-counter trading yesterday.
    After the merger, the company will have about 1,500
 employees.  Chiron said yesterday it expects to announce a 10%
 work-force reduction in January.  Cetus already has been
 trimming its payroll.
    The combined company will focus on four major markets:
 diagnostics, vaccines, opthalmics, and therapeutic products
 primarily for cancer.  Chiron has a major program to develop
 vaccines against AIDS, herpes and hepatitis, while Cetus has
 pioneered the development and testing of the human protein
 interleukin-2 as an experimental treatment for kidney cancer.

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