Pfizer to quit Chinese generic drugs joint venture with Hisun

Pharma industry news : Pharma giant Pfizer will quit from its Chinese generic drugs joint venture Hisun-Pfizer Pharmaceuticals by divesting its 49% stake to Sapphire I (HK) Holdings for an undisclosed price.

Hisun-Pfizer Pharmaceuticals, a Chinese generic drug company was formed as a joint venture by the American pharma major with the Shangai-listed Zhejiang Hisun Pharmaceuticals in 2012. The company has been developing, manufacturing and commercializing branded generic pharma products across China and outside of it.

Following the exit of Pfizer in Hisun-Pfizer Pharmaceuticals, the Chinese generic drug company will be renamed. However, it will retain its existing rights pertaining to the manufacturing, sales and distribution of all the presently marketed and pipeline products of Hisun-Pfizer Pharmaceuticals in China.

Pfizer says that the transfer of its stake from the pharma joint venture will allow it and Hisun to channelize on their respective core strengths.

Hisun-Pfizer Pharmaceuticals will continue to receive support from Pfizer through its global manufacturing expertise with the American pharma company to offer manufacturing, technical and regulatory support services.

In order to allow for a smooth transition, Pfizer will carry on supplying select products to the Chinese generic drug company for a period of time, post closing of the transaction.

Pfizer stated that it will keep a strong and collaborative relationship with Hisun to facilitate for the current supply of generic pharma products to patients across China through the Hisun-Pfizer Pharmaceuticals joint venture.

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