Sanofi Raises Stake In Vietnamese JV

Sanofi of France has increased its stake in a joint venture with Usine 23, Sanofi Pharma Vietnam, from 50% to 70%. The move has been approved by the Vietnamese Health Ministry and the government committee for cooperation and investments.

In 1994, Sanofi's pharmaceutical sales in Vietnam, including both local and imported products, amounted to 40 million French francs ($8.1 million). Sanofi says that the deal will enable it to sustain the development of the joint-venture company, particularly in anticipation of additional industrial investments, and will result in an increase in sales of locally manufactured products.

The original agreement for the joint venture with Usine Nationale Pharmaceutique 23 was signed in November 1992. In January 1993, approval was granted by the Vietnamese government and the firm became operational in May 1993.