China: Pharma Pfizer Sells 49 % of its JV Equity Shares
The company has sold its shares in its joint venture, Hisun-Pfizer Pharmaceuticals, to Sapphire I (HK) Holdings. Post the transfer, the joint venture will retain its current rights to manufacture, sell and distribute the company’s products in China.
New York/USA — Pfizer and Zhejiang Hisun Pharmaceuticals (Hisun) have recently announced that Pfizer has sold 49 % of its equity share in its joint venture, Hisun-Pfizer Pharmaceuticals Co., to Sapphire I (HK) Holdings. Hisun-Pfizer Pharmaceuticals Co., is a joint venture formed by Pfizer and Hisun in 2012 to develop, manufacture and commercialize branded generic pharmaceutical products in China and global markets. The transfer of Pfizer’s equity stake will allow both Hisun and Pfizer to focus on their core strengths.
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. The joint venture will benefit from Pfizer’s world class international manufacturing expertise as Pfizer will provide technical, manufacturing and regulatory support services.
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.
Pfizer and Hisun will maintain a strong and collaborative relationship, providing for the ongoing supply of high-quality generic products to patients in China through the joint venture.