Pfizer and Hisun flesh-out plans for generics JV in China

Global drugs behemoth Pfizer (NYSE: PFE) and Zhejiang Hisun Pharmaceutical (SSE Code: 600267), a leading Chinese manufacturers of active pharmaceutical ingredients (APIs) have signed a framework agreement, advancing their previously announced memorandum of understanding (MOU) to establish a joint venture to develop, manufacture and commercialize off-patent pharmaceutical products in China and global markets (The Pharma Letter June 3, 2011).

The framework agreement builds on the MOU, and is an important milestone in the formation of a JV between the two companies. This potential partnership would aim to strengthen the ability of both companies to reach more patients with high-quality medicines in the branded generics arena, the companies say. The signing took place at the Sino-US Economy & Trade Forum held in Los Angeles during the US visit of Xi Jinping, the Vice President of China, attended by John Bryson, US Secretary of Commerce, and other senior officials from the Chinese and US governments.

51% stake in JV for Hisun