Zhejiang Jiuzhou to Acquire Suzhou Unit of Novartis AG for CNY790 Million

Zhejiang Jiuzhou Pharmaceutical Co. (603456.SH) on Thursday said it will acquire a unit of Novartis AG in eastern China for 790 million yuan (US$110.5 million).

Zhejiang Jiuzhou said it is buying all of Suzhou Novartis except its technology and drug-development assets. Suzhou Novartis is a branch of the Swiss pharmaceutical giant, which manufactures, develops and sells its drugs in China.

The acquisition will help Zhejiang Jiuzhou cement its position as a strategic supplier to Novartis, support its business development in Europe and the U.S., and improve its drug development and manufacturing capacities in China, it said.

By Yifan Wang

morningstar.com

business

or on to add a comment to scientific problem you are interested in!

Comments (0)

You may also be interested in

Amgen Profit Beats Estimates as Drugmaker Raises Forecast

Amgen Inc., the maker of cancer treatments and blood boosters to combat anemia, reported first-quarter profit that topped analysts’ estimates and raised its forecast for the year on stronger-than-expected drug sales. The shares rose in late trading.

Robots for stroke rehabilitation

Researchers at the University of Hertfordshire and a team of European partners have developed a prototype of a robotic glove which stroke sufferers can use in their own home to support rehabilitation and personal independence in receiving therapies.

Zhejiang Jiuzhou to Acquire Suzhou Unit of Novartis AG for CNY790 Million September 09, 2019, 12:25

You may also be interested in