Chinese Pharma JV For Bayer
Bayer AG of Germany has entered into an agreement with China's Beijing Economic Technological Investment Development Corporation to form a pharmaceuticals joint venture in China. The contract was signed July 12, and under its terms Bayer will have a 95% share and BETIDC the remaining 5% of the new company, to be called Bayer Healthcare Co Ltd.
Bayer Healthcare will build production facilities on a BETIDC site in Beijing with an initial investment of $30 million. Manufacturing will start in 1997 of products previously imported, including Adalat (nifedipine), Glucobay (acarbose) and Nimotop (nimodipine) as well as emulsions such as Mycospor (bifonazole), Rheum and Traumon and products from Bayer's diagnostics and consumer care business groups.
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