Novartis completes Zhejiang Tianyuan deal
Takes 85% stake in Chinese vaccines company
Novartis has completed the deal to acquire an 85% stake in Chinese vaccines company Zhejiang Tianyuan Bio-Pharmaceutical Co.
The move will provide the Swiss pharmaceuticals manufacturer with an expanded presence in the Chinese vaccines market.
‘This agreement combines the strength of our vaccines r&d strategy and pipeline with Tianyuan’s deep knowledge of the vaccines market in China, enabling us better to deliver a broad range of vaccines to the Chinese people,’ said Andrin Oswald, head of Novartis Vaccines and Diagnostics.
Novartis says it will collaborate with Tianyuan to strengthen its vaccines portfolio and pipeline, as well as align production processes and quality standards. The firm also plans to explore new vaccine developments to address unmet medical needs in China.
China is the world’s third largest vaccines market, with annual industry sales of more than US$1bn and expectations for sustained double-digit growth in the future.