Pfizer Sells Stake in Hisun JV in ChinaBy
Pfizer has sold its 49% equity share in its joint venture, Hisun-Pfizer Pharmaceuticals, to Sapphire I (HK) Holdings.
Pfizer and Zhejiang Hisun Pharmaceuticals, a Chinese pharmaceutical company, launched the joint venture in 2012 to develop, manufacture, and commercialize off-patent pharmaceutical products in China and global markets. The focus was on research and development and the production and commercialization of branded generic medicines and the broader commercialization of existing medicines through a local and global sales and marketing infrastructure.
After Pfizer’s equity share transfer, the joint venture will change its name but will retain its current rights to manufacture, sell, and distribute all of Hisun-Pfizer Pharmaceutical’s currently marketed and pipeline products in China.
Pfizer will continue to support a technology-transfer process to ensure that the products that had previously been licensed to Hisun-Pfizer Pharmaceuticals by Pfizer, will in the future, be manufactured locally in China. Pfizer will continue to supply certain products to the joint venture for a period of time after closing to facilitate a smooth transition..