ARTICLE | Company News

Pfizer ends JV with Hisun

November 17, 2017 3:30 AM UTC

Pfizer Inc. (NYSE:PFE) sold its 49% stake in Chinese JV Hisun-Pfizer Pharmaceuticals Co. Ltd. to Sapphire I (HK) Holdings Ltd. In 2012, Pfizer formed the JV with Zhejiang Hisun Pharmaceutical Co. Ltd. (Shanghai:600267) to develop and commercialize generics in China and worldwide. Hisun owns the remaining 51% (see BioCentury, Feb. 20, 2012).

In its 3Q17 earnings report filed Nov. 9, Pfizer said that last year the JV had "other-than-temporary declines in the value," with Pfizer recognizing a $211 million loss in the first nine months of 2016. At Oct. 1, Pfizer said the “carrying value” of its investment in the JV was $270 million. In its earnings report, Pfizer said it was considering "strategic alternatives" for the venture...