Pfizer ends JV with Hisun, names COO

Pfizer Inc. (NYSE:PFE) sold its 49% stake in Chinese JV Hisun-Pfizer Pharmaceuticals Co. Ltd. to Sapphire I (HK) Holdings Ltd. Hisun-Pfizer was formed in 2012 with Zhejiang Hisun Pharmaceutical Co. Ltd. (Shanghai:600267), which owns 51% of the JV, to develop and commercialize generics in China and worldwide (see BioCentury Extra, Feb. 17, 2012).

In its 3Q17 earnings report filed last Thursday, 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...