Schering AG to buy Chiron’s rights to Betaseron

German drugs firm Schering has announced it will buy back the rights to supply multiple sclerosis (MS) drug Betaseron.

The firm said that it will use rights granted in the supply agreement between itself and Chiron to buy back all properties which are used in the making of the drug. Chiron itself is the subject of a takeover by Novartis.

Betaferon is Schering’s biggest drug in terms of sales. New indications for the treatment, which include covering early forms of MS, are expected to gain approved by the third quarter of 2006.

Stephen Pope of Cantor Fitzgerald told Bloomberg: “They recognize that they had some troubles and said ‘let’s bring a virtual cash cow more under our own control.’ This should work very much in their favour.”

It made the announcement in a financial statement released on Monday, which announced that company had seen record operating profit rises of 21 per cent, reaching ?928 million. Sales of Betaferon grew by ten per cent during 2005.

Schering also announced that it will begin buying back stocks from its shareholders, repurchasing as much as ?500 million of its value.

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