Novartis (NVS) Acquires Majority Stake in Zhejiang Tianyuan Bio-Pharmaceutical for $125 Million
Hard To Treat Diseases (OTC: HTDS) announced that Novartis (NYSE: NVS), is acquiring an 85% stake in HTDS' H1N1 Vaccine partner, Zhejiang Tianyuan Bio-Pharmaceutical Co., Ltd., for US$125 million.
Novartis of Switzerland will begin a five-year, $1 billion China initiative with two aims: the company will dramatically increase its investment in its China R&D facility, and it will seek to make China one its top three markets worldwide.
HTDS' Chinese subsidiary, Mellow Hope, is the exclusive agent of Zhejiang Tianyuan Bio-pharmaceutical for International marketing and sales. Zhejiang Tianyuan Bio-pharmaceutical has been granted a H1N1 license on September 24, 2009 by the Chinese government agency, SFDA.
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