Actavis to shed another business, its Actavis Foshan unit in China

US generics major Actavis (NYSE: ACT) revealed a second divestiture this month, saying it has signed and completed an agreement for Zhejiang Chiral Medicine Chemicals to acquire its interest in Actavis (Foshan) Pharmaceuticals, an Actavis joint venture with Foshan Chanbende Development, based in Foshan, China.

Actavis intends to continue further commercial operations in China in collaboration with its preferred business partners.  Financial terms of the deal with Chiral were not disclosed.

"Actavis is focused on strengthening our investment in high-growth markets where our size and scale allow us to maintain a competitive presence with the leading companies in the market," said Sigurdur Oli Olafsson, president, Actavis Pharma. "Our operations in Foshan were limited in scope and we believe that their value will be better capitalized on by Chiral, which will add manufacturing and marketing capabilities allowing them to expand their portfolio and strengthen their position in the Chinese market."