BASEL, Switzerland (AP) -- Pharmaceuticals company Novartis AG said Wednesday it is paying $125 million for an 85 percent stake in Chinese vaccine maker Zhejiang Tianyuan Bio-Pharmaceutical Co. Ltd.
Privately-held Tianyuan sells vaccines against diseases such as hemorrhagic fever with renal syndrome, or HFRS, caused by hantaviruses, and conducts research into "various preventable viral and bacterial diseases," Novartis said.
The Chinese company had net sales of $25 million in 2008.
The deal, which requires regulatory approval, comes a day after Novartis announced it will invest some $1.25 billion in its research centers in China over the next five years.
