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Sanofi-aventis sets up consumer health JV
By Ding Yining |
November 4, 2010, Thursday
|
Print Edition
Print Edition
SANOFI-AVENTIS has won regulatory approval to establish a joint venture with Hangzhou-based Minsheng Pharmaceutical Co as it makes its foray into China's consumer health market.
The French maker will own 60 percent of Hangzhou Sanofi Minsheng Consumer Healthcare Co, which will focus on vitamins and mineral supplements. The venture will become a new platform to develop more health products as well as expand the reach of existing products.
The drug maker didn't reveal the investment in the new venture.
"The joint venture with Minsheng Pharmaceutical is the start of our efforts in the consumer healthcare sector, and we'll continue to look for partners and potential acquisition opportunities," said Thomas Kelly, general manager of Sanofi-aventis China.
Last week, the French drug maker agreed to pay US$520.6 million to buy BMP Sunstone Corp, the maker of Hao Wa Wa brand of children's cough drops, to enter the world's second-largest consumer health market. Buying NASDAQ-listed BMP Sunstone would offer Sanofi-aventis a network in China.
Sanofi-aventis hopes over-the-counter drugs will contribute 1 billion yuan (US$151 million) to its domestic sales next year.
"In the long term, I hope OTC drugs could account for 35 percent of total sales in China," Kelly added.
The French maker will own 60 percent of Hangzhou Sanofi Minsheng Consumer Healthcare Co, which will focus on vitamins and mineral supplements. The venture will become a new platform to develop more health products as well as expand the reach of existing products.
The drug maker didn't reveal the investment in the new venture.
"The joint venture with Minsheng Pharmaceutical is the start of our efforts in the consumer healthcare sector, and we'll continue to look for partners and potential acquisition opportunities," said Thomas Kelly, general manager of Sanofi-aventis China.
Last week, the French drug maker agreed to pay US$520.6 million to buy BMP Sunstone Corp, the maker of Hao Wa Wa brand of children's cough drops, to enter the world's second-largest consumer health market. Buying NASDAQ-listed BMP Sunstone would offer Sanofi-aventis a network in China.
Sanofi-aventis hopes over-the-counter drugs will contribute 1 billion yuan (US$151 million) to its domestic sales next year.
"In the long term, I hope OTC drugs could account for 35 percent of total sales in China," Kelly added.
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