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J&J increases holding in Chinese joint venture

According to a company insider, Johnson & Johnson China Investment will buy further shares in Xi'an-Janssen Pharmaceutical

According to an insider, Johnson & Johnson China Investment, a 100-owned subsidiary of US-based Johnson & Johnson (J&J) will buy further shares in Xi'an-Janssen Pharmaceutical from shareholders in the Chinese company.

The financial website TradingMarkets said that the information was leaked from an employee of the pharmaceutical joint venture on 20 November 2007.

J&J is said to be in negotiations with three Chinese shareholders to acquire a 17.2 per cent stake on the basis that the equity structure of the sellers would not change. The acquisition has been approved by China's Ministry of Commerce, according to the insider.

The deal could extend J&J's control in Xi'an-Janssen from 52 to 70 per cent.

J& J China Investment recently acquired 1.8 per cent of Xi'an-Janssen for CNY 78m (approx. USD 10.5m) from Shaanxi Hanjiang Pharmaceutical Group. The other three Chinese shareholders are Shaanxi Pharmaceutical Industry (33.6 per cent), China National Pharmaceutical Industry (5.8 per cent) and China National Pharmaceutical Foreign Trade (3.8 per cent).

Xi'an-Janssen was jointly set up by J&J's subsidiary Belgium-based Janssen Pharmaceutica and the above four Chinese state-owned companies in October 1985.

30th September 2008

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