Novartis acquired a majority stake in vaccine maker Zhejian Tianyuan Bio-Pharmaceutical, as a continuing part of its growth strategy in China. Novartis now holds an 85% share in the company.
Andrin Oswald, Novartis head of of vaccines and diagnostics indicates that the agreement will combine Novartis strengths in its pipeline with Tianyuan's knowledge and access to the Chinese market, which is estimated to be $1 billion annually.
Novartis is counting on the vacine acquisition to help it accelerate its sales growth in China to above 30 percent rates and has also announced it will be adding more to the sales force in China to aid that effort.
Posted by Bruce Lehr March 28th 2011.