US drugmaker Chiron

Corp said on Monday it rejected an offer from Swiss drugmaker Novartis AG

to buy the 58 pct of Chiron shares that Novartis doesn't already own in a

deal valued at about$4.5 billion.

BEIJING, Sep. 6(Xinhuanet)-- US drugmaker Chiron Corp said on Monday it has rejected an offer from Swiss drugmaker Novartis AG to buy 58 percent of Chiron shares in a deal valued at about$4.5 billion.

On Sept. 1, Novartis offered to buy about 58 percent of Chiron shares it does not already own for$40 per share, in a bid to cement its presence in the vaccines business.

Chiron said in a statement that after a thorough analysis and consideration of Novartis' offer, its independent directors determined that the offer is inadequate.

A Novartis spokesman refured to comment on Chiron's statement.

The Chiron statement said that Chiron's independent directors have not solicited an offer to buy Chiron. Enditem

(Agencies)