If you've cast all the spells (or have done the quest before) Chronozon will die, and if you did the most damage and are on the right quest stage it'll drop the crest piece
If you've cast all the spells but didn't do the most damage, it'll die with no drop for anyone
If you haven't cast all the spells, it regens with a message
If it can't find the player attacking it, it regens silently