Pfizer and Hisun take step towards forming jv

Pfizer and Chinese pharmaceutical firm Zhejiang Hisun Pharmaceutical have entered into a framework agreement to establish a joint venture to develop, manufacture and commercialise off-patent pharmaceutical products in China and global markets.

The framework agreement builds on a previously announced memorandum of understanding (MOU), and is a step towards the formation of a joint venture between the two companies.

The aim would be to strengthen the ability of the firms to reach more patients with high-quality medicines in the area of branded generics.

The potential joint venture would be called Hisun Pfizer Pharmaceutical, 51% owned by Shanghai-based Hisun (for a US$295m investment), with Pfizer taking 49% (and investing $250m).

Both companies could contribute selected existing products, manufacturing sites, cash and other relevant assets after the joint venture is formed.

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