AsianScientist (Apr. 21, 2011) – Shanghai Pharmaceutical Co. Ltd. and Pfizer Inc. announced yesterday the signing of a memorandum of understanding (MOU) for the companies to jointly pursue potential business opportunities in China.
The potential partnership is intended to leverage both companies’ strengths, matching Pfizer’s global capabilities in developing innovative medicines with Shanghai Pharmaceutical’s capabilities and reach in the China market.
This includes a potential cooperation for the registration, commercialization and distribution in China of an innovative Pfizer product. In addition, the companies plan to explore future cooperation opportunities, including further distribution and commercialization, research and development activities, manufacturing and equity investment opportunities.
Both Pfizer and Shanghai Pharmaceutical will continue to promote Pfizer’s Prevenar (7-valent) a pneumococcal conjugate vaccine, approved for use in China for active immunization of infants and toddlers for the prevention of invasive diseases caused by the bacterium Streptococcus pneumonia. Details of the companies’ various areas of potential cooperation under the strategic partnership will be set forth in future definitive agreements.
“Our intent to explore a range of business opportunities with Shanghai Pharmaceutical is an example of our commitment to expand our presence in China in collaboration with the local industry,” said David Simmons, President and General Manager, Emerging Markets and Established Products of Pfizer Inc.
“Shanghai Pharmaceutical has been one of Pfizer’s major partners in China for years and is currently our largest distribution customer in the market.”
According to Lu Mingfang, Chairman of Shanghai Pharmaceuticals, he believes that Pfizer’s global experiences and resources make them an ideal partner towards the implementation of an international strategy for his company.
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Source: Pfizer, Inc.
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