Pfizer makes China plans with Shanghai Pharma
April 21st, 2011 // 1:35 pm @ jmpickett
Pfizer Inc., the world’s largest drugmaker, plans to pursue increased business in China with Shanghai Pharmaceutical Co. Ltd.
The companies said in a statement that they signed a memorandum of understanding that includes selling and distributing “an innovative Pfizer product” in China. Pfizer would not say what the product is or offer other details.
The agreement also includes strengthening promotion of Pfizer’s Prevenar pneumococcal vaccine, which is approved for use in infants and toddlers in China. Shanghai Pharmaceuticals is Pfizer’s largest distribution customer in China.
China is a huge, growing market that big western drugmakers have only partially tapped.
A Pfizer spokeswoman said there were no financial terms with the memorandum.
Shares of Pfizer climbed 6 cents to $20.59 in afternoon trading.
