Pfizer exits China joint venture for generic drugs

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

(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.

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