Pfizer divests 49% stake in China JV with Hisun
US pharma giant Pfizer (NYSE: PFE) revealed on Friday that it has sold its 49% equity share in its joint venture, Hisun-Pfizer Pharmaceutical to Sapphire (HK) Holdings Limited.
Hisun-Pfizer Pharmaceuticals is a joint venture formed by Pfizer and Zhejiang Hisun Pharmaceuticals (SSE: 600267) in 2012 to develop, manufacture and commercialize branded generic pharmaceutical products in China and global markets. The transfer of Pfizer’s equity stake, the financial terms of which were not disclosed, will allow both Hisun and Pfizer to focus on their core strengths, according to the US firm.
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.
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