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Glaxo eyeing 51% stake in India’s Shantha Biotech: report

Glaxo eyeing 51% stake in India’s Shantha Biotech: report
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First Published: Fri, May 29 2009. 11 29 AM IST
Updated: Fri, May 29 2009. 11 29 AM IST
Mumbai: British drug firm GlaxoSmithKline Plc is in talks to buy a 51% stake in India’s unlisted Shantha Biotech after prospective bidder Sanofi Aventis dropped out, the Economic Times said on Friday.
Glaxo is negotiating with France’s Merieux Alliance, which had bought a 60% holding in the Indian biotechnology firm in 2006 and later raised it to 80%, the newspaper said.
“Only a few matters relating to the valuation need to be finalised,” it said, citing an unnamed senior industry executive.
Glaxo is interested in Shantha Biotech to enhance its vaccine business, it said.
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First Published: Fri, May 29 2009. 11 29 AM IST