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Novartis to build ‘Great Wall of Health’ with proposed Zhejiang Tianyuan acquisition
December 2009
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BASEL, Switzerland—Novartis announced Nov. 4 that it reached an agreement to acquire an 85 percent stake in the Chinese vaccines company Zhejiang Tianyuan Bio-Pharmaceutical Co. Ltd. for approximately $125 million in cash as part of a strategic initiative to build a vaccines industry leader and expand its limited presence in China. The two companies will work together to expand Tianyuan's product portfolio and R&D pipeline through targeted investments in vaccines innovation, manufacturing technologies and commercial networks. Ding Xiaohang, founder, chairman and CEO of Tianyuan, said the privately held vaccines company's mission is "to build the Great Wall of Health for the people." The proposed acquisition is conditional upon government and regulatory approvals in China.

 

 

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