Pfizer and Zhejiang Hisun Pharmaceuticals have launched Hisun-Pfizer Pharmaceuticals Co., Ltd., a joint venture to develop, manufacture and commercialize off-patent pharmaceutical products in China and global markets. Hisun-Pfizer will utilize Hisun’s product portfolio, market reach and production and commercialization experience with branded generic medicines, and will leverage Pfizer’s R&D, manufacturing, international market promotion and operations.
The JV will focus on R&D and the production and commercialization of branded generics, and the broader commercialization of existing medicines through a local and global sales and marketing infrastructure. The companies will contribute certain existing products to the joint venture, which will cover cardiovascular disease, infectious disease, oncology, mental health, and other therapeutic areas, as well as contribute manufacturing sites, cash and other relevant assets.
Hisun-Pfizer has a total investment of $295 million and $250 million of capital, with Hisun holding 51% of shares. The registration facilities and production plants of the joint venture will be located in Fuyang, Zhejiang province, and the Management Center and R&D Center will be located in Shanghai and Hangzhou, respectively.
Bai Hua, chairman and president of Hisun, said, “The joint venture will provide our patients with high-quality and low-cost branded generic medicines through our 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.”
“Providing high-quality, accessible and affordable health care to people over a vast area and from broad socioeconomic levels has become a primary objective of Chinese healthcare reforms, which is aligned with Pfizer’s mission to provide high-quality and affordable medicines to our patients,” said Xiaobing Wu, Country Manager of Pfizer China. “The joint venture demonstrates Pfizer’s commitment to China’s ongoing healthcare reforms and is an important milestone for Pfizer’s efforts to broaden the reach of its world-class healthcare solutions in China. We are glad to be partnering with Hisun in this venture to address the needs of our patients.”