News Update as at 15.00 hrs (IST)Corporate
Merieux picks up 60 pc stake in Shantha Biotecnics
NEW DELHI: French healthcare company Merieux Alliance on Thursday said it has picked up about 60 per cent stake in the Hyderabad-based bio-pharmaceutical firm Shantha Biotechnics Ltd to strengthen its India presence.
“We have picked about 60 per cent stake in Shantha Biotechnics. The stake will help us strengthen our presence within the country, which has strong potential in the field of biology and significant needs in public health,” Ms Rekha Khanna, Managing Direc tor, Merieux Alliance India, said.
Merieux bought the stake from Oman-based financial firms, which had invested in Shantha a few years ago. However, she refused to disclose the financial details of the deal.
The investment is part of the international development strategy adopted by Merieux Alliance in Asia, particularly in India. “This alliance is likely to favour synergies in terms of research and clinical development between the group companies. Shantha B iotechnics will also have access to the support provided by Merieux Alliances international network,” Mr Alain Merieux, Managing Director, Merieux Alliance, said in a statement. – PTI