Pfizer and Shanghai Pharmaceutical Sign Memorandum of Understanding for Potential Strategic Partnership

Apr 21, 2011 00:50 JST

Source: Shanghai Pharmaceuticals

Shanghai and New York, Apr 20, 2011 - (ACN Newswire) - Shanghai Pharmaceutical Co. Ltd. (SHSE: 601607) and Pfizer Inc. (NYSE: PFE) today announced the signing of a memorandum of understanding (MOU) for the companies to jointly pursue potential business opportunities in China.

The potential partnership is intended to leverage both companies' strengths, matching Pfizer's global capabilities in developing innovative medicines with Shanghai Pharmaceutical's capabilities and reach in the China market. The companies are currently exploring a potential cooperation for the registration, commercialization and distribution in China of an innovative Pfizer product. In addition, the companies plan to explore future cooperation opportunities, including further distribution and commercialization, research and development activities, manufacturing and equity investment opportunities. The companies also expect to strengthen their existing cooperation for the promotion of Pfizer's Prevenar (7-valent) a pneumococcal conjugate vaccine, approved for use in China for active immunization of infants and toddlers for the prevention of invasive diseases caused by the bacterium Streptococcus pneumonia. Details of the companies' various areas of potential cooperation under the strategic partnership will be set forth in future definitive agreements.

"Our intent to explore a range of business opportunities with Shanghai Pharmaceutical is an example of our commitment to expand our presence in China in collaboration with the local industry," said David Simmons, President and General Manager, Emerging Markets and Established Products of Pfizer Inc. "Shanghai Pharmaceutical has been one of Pfizer's major partners in China for years and is currently our largest distribution customer in the market."

"From our first partnership discussion with Pfizer, we were impressed not only with their capabilities, but also their thoughtfulness toward the Chinese market," stated Lu Mingfang, Chairman of Shanghai Pharmaceutical. "The Chinese pharmaceutical market is very dynamic and we believe a company must be forward thinking to succeed in China. Shanghai Pharmaceutical is built off of a vision for what the Chinese healthcare market will become, not what it has been. We respect Pfizer's global experiences and resources and believe they are an ideal partner for us in the continuous evolution of our business model and implementation of an international strategy."

Contact:

Pfizer Media Contact:
Neena Moorjani
+65 8322 4178
Neena.moorjani@pfizer.com

Shanghai Pharma Media Contact:
LU Di
+86 21 6373 0908 ext. 7058
lud@pharm-sh.com.cn

Source: Shanghai Pharmaceuticals
Sectors: BioTech