Pfizer sells 49% stake in Hisun-Pfizer Pharmaceuticals joint venture
Pfizer and Zhejiang Hisun Pharmaceuticals announced that Pfizer has sold its 49% equity share in its joint venture, Hisun-Pfizer Pharmaceuticals Co., Ltd. to Sapphire I Holdings Limited. Hisun-Pfizer Pharmaceuticals Co., Ltd. is a joint venture formed by Pfizer and Hisun in 2012 to develop, manufacture and commercialize branded generic pharmaceutical products in China and global markets. The transfer of Pfizer's equity stake will allow both Hisun and Pfizer to focus on their core strengths. After Pfizer's equity share transfer, the joint venture will change its name but will retain its current rights to manufacture, sell and distribute all of Hisun-Pfizer Pharmaceutical's currently marketed and pipeline products in China. 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. Pfizer will continue to supply certain products to the joint venture for a period of time, after closing, to facilitate a smooth transition. Pfizer and Hisun will maintain a strong and collaborative relationship, providing for the ongoing supply of high-quality generic products to patients in China through the joint venture.