Zhejiang Jiuzhou Pharmaceutical Co. Ltd. agreed to acquire Novartis AG's unit Suzhou Novartis Pharma Technology Co. Ltd., which operates a manufacturing facility in China.
Zhejiang, China-based Zhejiang Jiuzhou manufactures and sells active pharmaceutical ingredients and other chemicals used in the production of treatments for nervous system disorders, heart diseases, low blood sugar, infections and tumor.
The agreement includes a long-term supply contract between the two companies for the products manufactured at the facility. The deal will not affect jobs at the facility, Zhejiang Jiuzhou noted in its Sept. 11 press release.
Zhejiang Jiuzhou expects to complete the transaction by the end of the year, subject to customary approvals.
Financial details of the deal were not disclosed.
