Pfizer, China’s Zhejiang to form $545 million JV for generic medicines

20 Feb 2012

Pfizer, the world's largest drugmaker and China's Zhejiang Hisun Pharmaceutical have signed a $545 million joint venture to develop generic drugs in China.

Under the JV, to be called Hisun Pfizer Pharmaceutical Co, Pfizer will invest $250 million for a 49 per cent stake, while Hisun will invest $295 million for the remaining 51 per cent.

The JV will develop, manufacture and commercialise off-patent pharmaceutical products for China and the global markets by both companies contributing selected existing products, manufacturing sites, and other relevant assets.

Generics account for 60 per cent of the domestic market, Pfizer and Hisun said in a release.

The agreement was signed at the Sino-US Economy & Trade Forum held in Los Angeles last week during the visit of Chinese vice president Xi Jinping to the US.
 
Based in Taizhou Zhejiang, a coastal city in southeastern China, Hisun Pharmaceuticals is one of the largest bulk active pharmaceutical ingredient (API) manufacturers in China with over 80 per cent of its API production being exported to North and South America, Europe, and Asia.

Hisun offers finished dosage pharmaceuticals, including capsules, tablets and parenterals that cover a broad range of areas, including: anti-infective, cardiovascular, oncology as well as animal health.