Chiron Acquires Sagres Discovery

Chiron Corp., eager to build its drug development pipeline, said it had acquired Sagres Discovery Inc., a privately held biotechnology company. The price wasn’t disclosed.

Davis, Calif.-based Sagres put itself up for sale this year because it had trouble raising the $25 million to $35 million needed to keep the company’s drug development program on track through 2005, chief scientific officer Ali Fattaey said.

The company had about 50 employees and had raised $20 million since its inception in 2000.

Chiron, based in Emeryville, Calif., wants to expand its business in cancer, a lucrative field with a need for new drugs. Chiron had revenue of $1.8 billion in 2003, largely derived from sales of its flu vaccine, blood-testing equipment and royalties.

Shares of Chiron slipped 71 cents to $43.69 on Nasdaq.

-- Denise Gellene