Schering-Plough Expands Its Presence in China, Enters Next Stage of Development
KENILWORTH, N.J., August 12, 2008 /PRNewswire-FirstCall/ -- Schering-Plough Corporation today announced that it has expanded its presence in China and established Shanghai Schering-Plough Pharmaceutical Co. Ltd., as a wholly owned operation based in Shanghai through the acquisition of the shares of its former joint venture partners.
"The actions announced today are part of Schering-Plough's long-term global geographic expansion strategy," said Fred Hassan, chairman and chief executive officer, Schering-Plough Corporation. "Investing in the Asia-Pacific Region, and especially China, represents another step in our journey to transform Schering-Plough into a global high-performance health care company. With a long-term presence in China, Schering-Plough now takes a significant step forward in its strategic development to further build growth and strength in this important market."
Schering-Plough entered into an agreement in 1994 with two local joint venture partners in China, Shanghai Pharmaceutical Industry Co., Ltd., and Shanghai Pharmaceutical Group Co., Ltd., to manufacture, market and distribute key allergy and skincare products.
"Our long-standing relationships with our former joint venture partners, Shanghai Pharmaceutical Industry Co., Ltd., and Shanghai Pharmaceutical Group Co., Ltd., have been an integral part of the successful establishment of Schering-Plough in China," said Trevor Juniper, general manager of Schering-Plough China. "We have built a solid foundation in the Chinese market, which continues to offer great potential. Today's news demonstrates our commitment to partner with our customers and to further contribute to the health care needs of Chinese patients."
Schering-Plough in China serves Chinese health care professionals, customers and other stakeholders in the areas of allergy/respiratory, cardiovascular, central nervous system, skin care, oncology, infectious diseases, and women's health.
Schering-Plough is an innovation-driven, science-centered global health care company. Through its own biopharmaceutical research and collaborations with partners, Schering-Plough creates therapies that help save and improve lives around the world. The company applies its research-and-development platform to human prescription and consumer products as well as to animal health products. Schering-Plough's vision is to "Earn Trust, Every Day" with the doctors, patients, customers and other stakeholders served by its colleagues around the world. The company is based in Kenilworth, N.J., and its Web site is www.schering-plough.com.
Schering-Plough China is a country operation of Schering-Plough; its web site is www.schering-plough.com.cn.
SCHERING-PLOUGH DISCLOSURE NOTICE: The information in this press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the Company's strategy. Forward-looking statements relate to expectations or forecasts of future events. Schering-Plough does not assume the obligation to update any forward-looking statement. Many factors could cause actual results to differ materially from Schering-Plough's forward-looking statements, including market forces, economic factors, product availability, patent and other intellectual property protection, current and future branded, generic or over-the-counter competition, the regulatory process, and any developments following regulatory approval, among other uncertainties. For further details about these and other factors that may impact the forward-looking statements, see Schering-Plough's Securities and Exchange Commission filings, including Part II, Item IA, "Risk Factors" in Schering-Plough's second quarter 2008 10-Q.