Pfizer has sold its 49% stake in Hisun-Pfizer Pharmaceuticals, its joint venture with China’s Zhejiang Hisun Pharmaceuticals.
The venture was formed back in 2012 with the mission statement of developing, manufacturing and commercialising branded generic pharma products in China and global markets.
Pfizer said the transfer of its equity stake to Sapphire I (HK) Holdings will allow it and Hisun both to focus on their core strengths.
Although the joint venture will change its name, its current rights to manufacture, sell and distribute all of Hisun-Pfizer Pharmaceutical’s currently marketed and pipeline products in China will remain.
Pfizer will continue to support a technology transfer process to ensure that the products that had previously been licensed to Hisun-Pfizer Pharmaceuticals by Pfizer will, in the future, be manufactured locally in China.
The company added that it will “continue to supply certain products to the joint venture for a period of time, after closing, to facilitate a smooth transition”.