November 10, 2017 / 6:53 PM / a year ago

Pfizer exits China joint venture for generic drugs

(Reuters) - Pfizer Inc (PFE.N) said on Friday it has sold its 49 percent stake to exit a joint venture it had set up with China’s Zhejiang Hisun Pharmaceuticals (600267.SS) in 2012 to develop and market generic drugs.

FILE PHOTO: The Pfizer logo is seen at their world headquarters in New York April 28, 2014. REUTERS/Andrew Kelly/File Photo

The U.S. drugmaker said it sold its stake in the venture, Hisun-Pfizer Pharmaceuticals Co Ltd, to Sapphire I Holdings Ltd. (

The venture will change its name, but retain the rights to manufacture and sell all the drugs being marketed or developed in China, Pfizer and Hisun Pharma said in a joint statement.

Pfizer’s shares were marginally lower in afternoon trading.

Reporting by Divya Grover in Bengaluru; Editing by Savio D'Souza

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