Pfizer, a research-based pharmaceutical company, and Zhejiang Hisun Pharmaceuticals, a Chinese pharmaceutical company, have launched a joint venture, Hisun-Pfizer Pharmaceuticals.
Hisun-Pfizer is expected to develop, manufacture and commercialize off-patent pharmaceutical products in China and global markets.
The registration facilities and production plants of the joint venture will be located in Fuyang, Zhejiang province, whereas the management center and R&D center will be located in Shanghai and Hangzhou, respectively.
Hisun chairman and president Bai Hua said the joint venture will provide patients with high-quality and low-cost branded generic medicines through its internationally compatible management systems and R&D and production technology.
"This will help us better contribute to the development of the Chinese pharmaceutical industry, advance the drug innovation and manufacturing capabilities of Zhejiang province and China, and lay a solid foundation for Chinese pharmaceutical companies to enter the international market," Hua added.
Hisun holds 51% of the share and Pfizer holds 49% in Hisun-Pfizer which has an aggregate investment of $295m and a registered capital of $250m.
The companies contribute manufacturing sites, cash, other relevant assets and select existing products to the joint venture with a portfolio of cardiovascular disease, infectious disease, oncology, mental health, and other therapeutic areas.
Pfizer Emerging Markets and Established Products Business Units president and general manager Olivier Brandicourt said the joint venture will allow both the companies to build upon existing core capabilities and the respective areas of expertise to address the needs of more patients.
"This partnership further supports the government of China's goals for improved access to medicines and treatments for the patients of China," Brandicourt added.
