Deals

Pfizer Sells Stake in China's Hisun, Ending Drugs Joint Venture

Companies say in statement they can focus on core strengths
Pfizer held 49 percent stake in venture formed in 2012

Pfizer Inc. Celebrex brand heartburn medication is arranged for a photograph at a pharmacy in Princeton, Illinois, U.S., on Wednesday, Aug. 20, 2014. Pfizer Inc. isnt giving up on striking an overseas takeover to cut its tax rate and gain a new pipeline of drugs, even as the potential cost of acquiring AstraZeneca Plc rises.

Photographer: Daniel Acker/Bloomberg

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By Jared S Hopkins

November 10, 2017 at 5:01 PM UTC

This article is for subscribers only.

Pfizer Inc. has sold its stake in a joint venture with China’s Zhejiang Hisun Pharmaceuticals, reducing the U.S. drugmaker’s presence in one of the world’s largest and fast-growing pharmaceutical markets.

The $295 million partnership was announced in 2011 and formalized a year later, and was meant to develop, manufacture and commercialize pharmaceutical products in China and throughout the world.