Chiron Announces Stock Repurchase Program.

EMERYVILLE, Calif.--(BW HealthWire)--March 9, 1999--Chiron Corporation (Nasdaq:CHIR), announced today that its board of directors has authorized the repurchase of up to 2.5 million shares of its common stock over the next twelve months.

The stock repurchase program is intended to offset the dilutive effect of the company's stock-based employee compensation plans. The share repurchases will be made from time to time through open-market transactions.

"We believe that this program is in the best interest of our shareholders and we expect that it will offset a substantial part of the dilution associated with the company's employee stock option and stock purchase plans," said Sean Lance, Chiron's president and chief executive officer. "This action also reflects our strong belief in Chiron's ongoing performance and underscores our commitment to enhancing shareholder value."

The timing of the share buyback program is further supported by Chiron's increased liquidity from the recent sale of its diagnostics business unit. After paying taxes on that sale, Chiron expects to have cash and investments in marketable debt securities totaling approximately $1.4 billion.

Chiron Corporation, headquartered in Emeryville, is a leading biotechnology company that participates in three global healthcare markets: biopharmaceuticals, blood testing and vaccines. The company is applying a broad and integrated scientific approach to the development of innovative products for preventing and treating cancer, infectious diseases, and cardiovascular diseases. This approach is supported by research strengths in recombinant proteins, genomics, small molecules, gene therapy, and vaccines. For more information, visit the company's website at www.chiron.com.

This news release contains forward-looking statements that involve risks and uncertainties. A full discussion of the company's operations and financial condition, including factors that may affect its business and future prospects, is contained in documents the company files with the SEC, such as form 10-Q and 10-K. These documents identify important factors that could cause the company's actual performance to differ from current expectations, including the outcome of clinical trials, regulatory review, manufacturing capabilities and marketing effectiveness.