Searle Buys Out Biolab Brazilian JV

Monsanto pharmaceutical subsidiary Searle is buying out its Brazilian partner, Norquisa's 60% share holding in their pharmaceutical joint venture known as Biolab Industrias Farmaceuticas SA. Given that both companies' boards of directors have approved the move, the transaction is expected to be completed early this month.

Biolab, set up in August 1988, has offices and manufacturing facilities in Sao Paulo, Brazil, and manufactures and markets a wide range of products in the cardiovascular, arthritis and female health care fields. Norquisa director Dr F Sandroni claims the JV was successful for both partners, but adds that his company "has decided to focus its full efforts on its core petrochemical business."

Noting that he respected Norquisa's decision, Searle president and chief executive Richard Schutter said he believes that Brazil's market size - eighth largest in the world - combined with the vastly improved business environment, makes it an exciting area in which to operate.