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NEW YORK — Pfizer has signed a deal worth more than $500 million with a Chinese drug maker to make generic drugs for China and other markets, the companies said.
Pfizer announced the joint venture with Zhejiang Hisun Pharmaceutical to develop, manufacture and commercialize generic drugs. Hisun will invest $295 million into the venture — called Hisun Pfizer Pharmaceutical Co. — and own a 51% stake, while Pfizer will invest $250 million and own 49%.
The signing of the deal took place at the Sino-U.S. Economy & Trade Forum in Los Angeles during the visit of Chinese vice president Xi Jinping, who is widely expected to become China's next president when current president Hu Jintao steps down this year.