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.
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(END) Dow Jones Newswires
September 04, 2019 21:09 ET (01:09 GMT)Copyright (c) 2019 Dow Jones & Company, Inc.