Sanofi Beats GSK To Buy Merieux Alliance's Stake In India's Shantha Biotech; Move Aimed At Stronger Vaccines Business In Emerging Markets

MUMBAI - In a takeover battle that lasted several months, drug maker Sanofi-Aventis emerged winner beating global rival GlaxoSmithKline among others to lap up a majority equity stake in India's Shantha Biotechnics from fellow French pharmaceutical firm Merieux Alliance. Shantha Biotechnics was valued at €550 million ($750 million) on expected sales of €90 million for the current financial year