Zhejiang Jiuzhou Pharmaceutical Co. (603456.SH) will acquire a unit of Novartis AG in eastern China for 790 million yuan (US$110.5 million).
Zhejiang Jiuzhou will buy all of Suzhou Novartis, with the exception of 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, according to the company.
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