Novartis To Buy 85% Of Zhejiang Tianyuan For About CNY850 Million
SHANGHAI -(Dow Jones)- Swiss pharmaceutical giant Novartis AG (NVS) said Wednesday it will buy an 85% stake in Zhejiang Tianyuan Bio-Pharmaceutical Co. for around CNY850 million ($125 million) as part of efforts to expand its presence in China's vaccine industry.
Privately owned Zhejiang Tianyuan, based in Zheijiang province, entered the Chinese vaccine industry in 1994 and has around 247 employees, according to the company's Web site.
The deal is subjected to Chinese regulatory approval.
-By Michelle Ng, Dow Jones Newswires; 86-21-6120-1200; michelle.ng@dowjones.com
(END) Dow Jones Newswires
11-04-09 0221ET
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