Aventis completes CBVPL stake sale; pockets Rs 100 cr

NEW DELHI: Aventis Pharma today said it has completed the sale of its 49 per cent stake in Chiron Behring Vaccines Private Ltd ( CBVPL) to its joint venture partner Novartis Vaccines & Diagnostics Inc for Rs 100 crore.

The company, which completed stake sale on December 23, received sale consideration of Rs 1,007.5 million (USD 22.399 million), Aventis Pharma said in a filing to the Bombay Stock Exchange (BSE).

All legal proceedings filed in connection with the disputes between the company and Novartis Vaccines & Diagnostics Inc/ CBVPL have been unconditionally withdrawn by all parties, it added.

The two partners had been fighting a legal battle over marketing of Aventis' anti-rabies vaccine Verorab.

The company has entered into a new service agreement to provide certain utilities and services to the Ankleshwar plant of CBVPL for a period of three years from December 23,2010, it added.

Aventis Pharma's two nominees on the board of CBVPL have also resigned, following the stake sale.

Shares of Aventis Pharma today closed at Rs 1,897 on the BSE, up 1.88 per cent from its previous close.