Merieux buys control of India's Shantha

France's Merieux Alliance has acquired a majority stake in India's Shantha Biotechnics. The deal gives Merieux a new development center for vaccines, therapeutic proteins and monoclonal antibodies. Shantha earned $20 million in revenue last year, making it India's fourteenth largest biotech company. Merieux sees the deal as a direct way to develop a beachhead in the Indian drug market.

"The stake will help us strengthen our presence within the country, which has strong potential in the field of biology and significant needs in public health," said Rekha Khanna, managing director of Merieux Alliance India.

- read this report on the deal from Red Herring