Teva increases stake in Chinese biotech group
Israel's Teva Pharmaceutical Industries says it has increased its equity ownership in Chinese biotechnology firm Tianjin Hualida from 45% to 60%. Teva acquired its stake as part of its $3.4 billion purchase of US generic drugs group Sicor in 2004 (Marketletter August 9, 2004).
Tianjin Hualida is a manufacturing enterprise which specializes in the development of genetic recombinant medicines, highly-purified proteins, antiviral agents and anticancer drugs. The company's 30,000 square meter facility complies with international Good Manufacturing Practice production standards.
Teva, which has grown into one of the world's 20 largest pharmaceutical groups after being established as a drug wholesaler, saw its share price rise to $40.72 in trading on the US Nasdaq index on the day of the announcement.
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