Pfizer has sold its 49% stake in a China generic drug JV it formed five years ago with Zhejiang Hisun Pharma. The company sold the stake to Sapphire I Holdings at an undisclosed price. In 2016, Pfizer signaled it intended to end the partnership because the JV’s profits had not lived up to expectations. In 2012, when the JV was formed, it was said to be worth $545 million, with both companies contributing assets to the JV, not cash.
Source: China Biotoday
