India Tightens Income Tax Noose On Sanofi-Aventis' Shantha Biotech Deal
This article was originally published in The Pink Sheet Daily
India's tax authority claims it is owed for capital gains on the deal between two French companies because it was an Indian company that changed hands.
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MUMBAI - Shantha Biotechnics - the Indian biotech acquired by Sanofi-Aventis - has bagged a $340 million contract from the World Health Organization for supply of the pentavalent vaccine branded SHAN5 over a period of two years starting 2010. The vaccine indigenously developed by Shantha immunizes children against diphtheria, pertussis, tetanus, hemophillus influenza B and hepatitis B