Sanfi-Aventis yesterday signed an agreement to set up a joint venture in Zhejiang Province to expand its presence in China's consumer health market.

The new joint venture with Minsheng Pharmaceutical Co will enable the French drug maker to build a manufacturing plant in Hangzhou, capital of Zhejiang Province.

Sanofi-aventis will take the majority stake in the new joint venture, according to a statement by the company yesterday.

The firms, however, didn't reveal the investment amount in the joint venture.

"The new joint venture is a strategic move for us to consolidate our position in the consumer health care sector in world's second-largest over-the-counter market," said Hanspeter Spek, president for global operations at Sanofi-aventis.

For Minsheng Pharmaceutical, the new venture "will serve as a platform to develop more health products as well as expand the reach of our existing products," said Zhu Fujiang, its chairman.

The new venture will focus on manufacturing vitamins and mineral supplements as Minsheng Pharmaceutical is the patent holder of 21 Super-Vita, a multivitamin brand.

Source: Shanghai Daily