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news.Pfizer and Zhejiang Hisun Pharmaceutical have entered into a framework agreement to establish a joint venture to develop, manufacture and commercialize off-patent pharmaceutical products in China and global markets.
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As per the agreement, the JV will be named as Hisun Pfizer Pharmaceutical.
Under the contract, Hisun will own 51% and Pfizer will own 49%, and the aggregate investment and registered capital will be $295m and $250m respectively.
Both the companies could contribute selected existing products, manufacturing sites, cash and other relevant assets after the joint venture is formed.
The partnership is expected to strengthen the ability of both companies to reach more patients with high-quality medicines in the branded generics arena.