Pfizer ($PFE) has launched a joint venture with China's Zhejiang Hisun Pharmaceuticals, a contract API manufacturer, to develop, manufacture and commercialize off-patent pharmaceutical products in China.
Under the deal, Pfizer owns 49% of the JV, while Hisun has the rest. The operation has a total investment of $295 million and registered capital of $250 million, Bloomberg reports.
Now that the previously announced partnership is cemented, Hisun-Pfizer Pharmaceuticals is looking to hire 600 workers in China, and planning to expand its manufacturing, R&D, commercialization and support functions, joint venture CEO Kevin Xiao told Bloomberg. "We are trying to attract appropriate people for the positions," Xiao said. "So far, in the sales force, we have more Pfizer people, but in manufacturing, it's the other way around."
Bai Hua, Hisun's chairman, said the partnership is the perfect opportunity for his company to expand beyond API manufacturing. "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," he said in a statement.
The two companies plan to offer a broad portfolio of branded generics, targeting cardiovascular disease, infectious disease, oncology, mental health and other therapeutic areas.
- read the companies' release
- get more from FiercePharma
- check out Bloomberg's report