Aventis Pharma, belonging to sanofi aventis Group, has decided to sell its entire 49 per cent equity stake in Chiron Behring Vacines Pvt Ltd (CBVPL) to Novartis Pharma AG, a nominee of joint venture partner Novartis Vaccines & Diagnostics Inc. Aventis has decided to exit the joint venture and will receive US$ 22,399 million. The sale of the said shareholding is expected to close before this calender year.

Aventis Pharma has agreed to continue to provide certain utilities and services to the Ankleshwar plant of CBVPL for a period of three years from the date of closing on mutually agreed terms. With this sale of stake, the pending disputes between the company and Novartis Vaccines & Diagnostics Inc., shall stand resolved and all legal proceedings filed in connection with such disputes shall be unconditionally withdrawn.

CVBPL manufactures the anti-rabies vaccine Rabipur at its plant in Ankleshwar, which was until February 2009 distributed in India by Aventis and presently distributed by Novartis Halthcare Pvt Ltd.