Pfizer to exit from Chinese generic drug JV with Hisun

The JV was formed in September 2012 by Pfizer with Zhejiang Hisun Pharmaceuticals (Hisun) with a total investment of $295m and a capital of $250m. Hisun will remain in the business with a 51% stake.

Hisun-Pfizer Pharmaceuticals develops, manufacture and commercializes branded generic medicines in China and international markets.

Pfizer’s exit from the JV is expected to allow it and Hisun to concentrate on their key strengths.

After completion of the transaction, Hisun-Pfizer Pharmaceuticals will be renamed. However, it will keep its current manufacturing, selling and distribution rights in China pertaining to its presently marketed and pipeline products in China.

Pfizer says that the JV will benefit from its world class global manufacturing expertise as it will offer it services related to technical, manufacturing and regulatory support for the products.

The US pharma giant stated that it will give its continued support to a technology transfer process in order to make sure that previously licensed products to Hisun-Pfizer Pharmaceuticals by Pfizer will be locally manufactured in China, in the future.

Post transaction, the JV will be supplied by Pfizer with certain products for a period of time to allow for a smooth transition.

The JV’s registration facilities and manufacturing plants are in Fuyang, Zhejiang province. It also has a research and development center in Hangzhou.

Hisun-Pfizer Pharmaceuticals was formed with contribution of existing products from both Pfizer and Hisun. It started off with a portfolio that covered cardiovascular disease, oncology, infectious disease, mental health among other therapeutic areas.

Image: Pfizer world Headquarters in Manhattan, New York. Photo: courtesy of Coolcaesar/Wikipedia.org.