Pfizer & Hisun Pharma To Jointly Develop Off-Patent Generics In China

Pfizer Inc. and Zhejiang Hisun Pharmaceutical have agreed to jointly develop, manufacture, and commercialize off-patent pharmaceutical products in China and global markets.

AsianScientist (Feb. 22, 2012) – Pfizer Inc. and Zhejiang Hisun Pharmaceutical, a leading pharmaceutical company in China, signed on Friday a framework agreement that advances an existing MOU to jointly develop, manufacture, and commercialize off-patent pharmaceutical products in China and global markets.

The agreement signing took place at the Sino-U.S. Economy & Trade Forum held in Los Angeles during the U.S. visit of Mr. Xi Jinping, the Vice President of China.

Mr. Xi Jinping, Mr. John Bryson, U.S. Secretary of Commerce, and other senior officials from the Chinese and U.S. governments attended the event. Mr. Bai Hua, Chairman of Hisun Pharmaceutical, and Dr. Xiaobing Wu, Country Manager of Pfizer China, participated in the signing ceremony.

According to the framework agreement, the potential joint venture will be named Hisun Pfizer Pharmaceutical Co., Ltd.

Hisun will own 51 percent and Pfizer will own 49 percent, and the aggregate investment and registered capital will be US$295 million and US$250 million respectively. Both parties could contribute selected existing products, manufacturing sites, cash, and other relevant assets after the joint venture is formed.

The potential joint venture is subject to the satisfaction of certain closing conditions, including approval of relevant government authorities in China.

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Source: Pfizer Inc.
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