Zhejiang Jiuzhou to Acquire Suzhou Unit of Novartis AG for CNY790 Million
September 04 2019 - 9:24PM
Dow Jones News
By Yifan Wang
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.
Write to Yifan Wang at yifan.wang@wsj.com
(END) Dow Jones Newswires
September 04, 2019 21:09 ET (01:09 GMT)
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