COMPANIES The head of Novartis yesterday stood by his company's $40-a-share contested bid for Chiron, the US vaccines company, while expressing a strong business case for the takeover.
Daniel Vasella, chairman and chief executive of the Swiss pharmaceuticals group, said: "Very clearly, we have a walkaway price." He is reluctant to become drawn into a competitive auction or to raise Novartis' offer. "If I am known for anything, it's that I am not afraid of walking away from a deal," he said, alluding to his refusal last year to lift his price after initial proposals that Novartis be a white knight to protect the French company Aventis from being acquired by Sanofi.
