http://www.tradingmarkets.com/.site/news/Stock%20News/850296/
Johnson & Johnson (China) Investment Co., Ltd., a wholly owned subsidiary of US-based Johnson & Johnson Ltd. (NYSE: JNJ), plans to buy more shares in Xi'an-Janssen Pharmaceutical Ltd. from the latter's Chinese shareholders, according to an insider from the pharmaceutical joint venture on November 20, 2007.
The buyer is in negotiations with three Chinese shareholders to acquire a 17.2% stake in the joint venture on the base that the equity structure of the sellers would not change. The acquisition has been approved by China's Ministry of Commerce, said the insider.
The deal might enlarge Johnson & Johnson's holding in Xi'an-Janssen to 70% from currently 52%.
Johnson & Johnson (China) Investment has recently acquired 1.8% of Xi'an-Janssen for CNY 78 million from Shaanxi Hanjiang Pharmaceutical Group Co., Ltd. The other three Chinese shareholders are Shaanxi Pharmaceutical Industry Corporation with a 33.6% stake; China National Pharmaceutical Industry Corporation 5.76%; and China National Pharmaceutical Foreign Trade Corporation 3.84%.
Xi'an-Janssen was jointly set up by Belgium-based Janssen Pharmaceutica NV of Johnson & Johnson and the four Chinese state-owned companies in October 1985
