Zhejiang Jiuzhou Pharmaceutical Co., Ltd entered into an agreement to acquire Suzhou Novartis Pharma Technology Co. Ltd. from Novartis International Pharmaceutical Investment Ltd. for approximately CNY 790 million.
September 04, 2019
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Zhejiang Jiuzhou Pharmaceutical Co., Ltd (SHSE:603456) entered into an agreement to acquire Suzhou Novartis Pharma Technology Co. Ltd. from Novartis International Pharmaceutical Investment Ltd. for approximately CNY 790 million on September 4, 2019. The consideration is subject to adjustment. Zhejiang Jiuzhou is acquiring all of Suzhou Novartis except its technology and drug-development assets. Zhejiang Jiuzhou intends to use its own funds in order to acquire the stake. For the year ended December 31, 2018, Suzhou Novartis Pharma had revenues of CNY 615.24 million, net loss of CNY 60.88 million. As at December 31, 2018, Suzhou Novartis Pharma had Owners' equity of CNY 308.56 million and total asset of CNY 1029.13 million. The acquisition is subject to customary approval process of the competent authorities. The transaction is approved by Board of Directors of Zhejiang Jiuzhou Pharmaceutical Co., Ltd. The deal is approved at 1st Extraordinary Shareholders Meeting of 2019 of Zhejiang Jiuzhou Pharmaceutical Co., Ltd. The transaction is expected to be completed by the end of 2019. Pan-China Certified Public Accountants acted as accountant to Zhejiang Jiuzhou Pharmaceutical.
Zhejiang Jiuzhou Pharmaceutical Co.,Ltd. is a China-based company principally engaged in the research, development, production and sales of chemical Active Pharmaceutical Ingredients (API) and intermediates. The Company mainly operates through two segments, including the New Drug and Intermediates Contract Development and Manufacturing Organization (CDMO) segment and the Specialty APIs and Intermediates segment. The New Drug and Intermediates CDMO segment mainly provides services for innovative medicines of pre-clinical chemical manufacturing and controls (CMC), clinical phases I, II and III, new drug application (NDA) and various stages after going public. The Specialty API and Intermediates segments mainly provides services including patent breakthroughs, production process improvement, drug certificate declaration, and cGMP standard commercial production for patented expired or soon-to-be-expired drugs for global chemical and generic drug manufacturers.
Zhejiang Jiuzhou Pharmaceutical Co., Ltd entered into an agreement to acquire Suzhou Novartis Pharma Technology Co. Ltd. from Novartis International Pharmaceutical Investment Ltd. for approximately CNY 790 million.
ZHEJIANG JIUZHOU PHARMACEUTICAL CO., LTD 
