French Merieux buys Shantha Biotechnics
French biotechnology group Merieux Alliance has bought a majority stake in Indian vaccine maker Shantha Biotechnics Ltd in a bid to extend its research and clinical development strengths, the two companies said.
They did not disclose value of the deal.
Merieux bought nearly 60 percent of the Indian company, from some Omani investors and other private investors, Shantha’s founder Varaprasad Reddy told Reuters over telephone from Paris.
"It is a strategic partnership," he said on Thursday.
Merieux Alliance, run by billionaire Alain Merieux, comprises bioMerieux, Transgene, US-based Silliker and Advanced BioScience Laboratories.
In a statement, the French group said it hoped to gain a strong presence in Asia through the acquisition.
"This Indo-French alliance is likely to favour synergies in terms of research and clinical development between the group’s companies," Alain Merieux said in a statement.
Reddy would continue as the managing director of Shantha, which employs nearly 650 people and expects revenue to exceed 20 million euros in 2006/07, he said.
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