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

   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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