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Good Governance Also Wins Elections

When two Englishmen meet, they talk about the weather; when two Indians meet, it’s politics....

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Aventis to exit joint venture with Novartis

Drug-maker Aventis Pharma Ltd said it will sell its 49% stake in Chiron Behring Vaccines Pvt Ltd (CBVPL) to its joint venture partner, Novartis Vaccines & Diagnostics Inc, for $22.4 million (nearly Rs100 crore).

The two partners, that have been fighting a legal battle over marketing of Aventis’ anti-rabies vaccine Verorab, have agreed to settle their dispute following the deal.
In a filing to the Bombay Stock Exchange (BSE), the company said its board has approved the sale of a 49% stake in Chiron Behring Vaccines, representing 49 lakh shares, to Novartis Pharma AG, a nominee of Novartis Vaccines & Diagnostics Inc.
The sale of the said shares is expected to conclude before 31 December 2010, it added.

On Monday, Aventis Pharma ended 0.95% down at Rs1,763.10 on the BSE, while the benchmark Sensex gained 0.94% to 19,691.78 points. 

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