Novartis Strikes $125M Deal For Chinese Vaccine Co.

Law360, New York (November 4, 2009, 3:38 PM EST) -- Novartis AG has increased its presence in the booming Chinese drug market by purchasing a majority stake in vaccine maker Zhejiang Tianyuan Bio-Pharmaceutical Co. Ltd. for $125 million, the Swiss drug behemoth announced Wednesday.

Tianyuan, founded in 1994, is a privately owned company that does research on the prevention of bacterial diseases in addition to developing vaccines. The company had net sales of around $25 million in 2008, more than doubling its total of 2006, Novartis said.

"Novartis has a long-standing commitment to improving health care...
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