Austar Lifesciences (HKG:6118) subsidiary Austar Equipment bought the 51% stake of its joint venture partner in STERIS-AUSTAR Pharmaceutical Systems Hong Kong, giving it full ownership.
The pharmaceutical engineering solutions provider purchased the stake from Steris Mauritius, an affiliate of NYSE-listed Steris, for $1.5 million, according to a Monday bourse filing.
Established in 2006, the target firm is a joint venture between Austar Equipment and Steris Mauritius. The JV owns STERIS-AUSTAR Pharmaceutical Systems (Shanghai), which manufactures and sells pharmaceutical water and steam equipment in China.
Austar said it wanted full ownership of the venture because the partnership's existing cost structure has "brought challenges" to the JV's product competitiveness and business expansion.
Austar added that it entered into a technology and trademark license agreement with Steris, under which the group is authorized to produce Finn-Aqua-related products owned by Steris and continue to market them in mainland China.
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