Pfizer seeks generics jv with Hisun in China
Signs Memorandum of Understanding with Taizhou Zhejiang-based firm
Pfizer intends to form a joint venture with Zhejiang Hisun Pharmaceuticals to collaborate on manufacturing and marketing branded generics in China.
Under a Memorandum of Understanding signed by the two firms, both parties could contribute certain existing products and other relevant assets to the potential joint venture.
Pfizer said branded generics account for 60% of the market in China, which is expected to become the world’s second-largest pharmaceutical market by 2015.
‘The potential joint venture would be an important milestone for Pfizer’s efforts to broaden the reach of its world-class healthcare solutions in China, and would also help support Chinese industry,’ said David Simmons, president and general manager, Emerging Markets and Established Products at Pfizer.
Hua Bai, chief executive and president of Hisun Pharmaceuticals, added: ‘With the combination of Hisun’s strategic vision and Pfizer’s global resources, we can better perform our roles and obligations to support the development of China’s pharmaceutical industry.’
