socialmedian: Novartis to buy 85% of Chinese vaccines producer

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Novartis to buy 85% of Chinese vaccines producer

Source: Wall Street Journal

Nov 04, 2009

Summary

TEL AVIV (MarketWatch) -- Novartis AG, the Basel health-care giant, said on Wednesday that it definitively agreed to acquire 85% of the closely held Chinese vaccines company Zhejiang Tianyuan Bio-Pharmaceutical Co. for about $125 million cash. The Chinese company produces vaccines targeting a number of viral and bacterial diseases, Novartis said. In 2008, Zhejiang Tianyuan doubled its net sales from the 2006 level, to $25 million. The deal is subject to conditions including regulatory clearance in China. On Tuesday, Novartis had said that it planned to invest $1 billion over five years for research and development in China.

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