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Pfizer, Shanghai Pharmaceutical partner in China
June 2011
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SHANGHAI, China—Pfizer Inc. and Shanghai Pharmaceutical Co. Ltd. recently signed a memorandum of understanding to jointly pursue potential business opportunities within China. The two companies are considering a cooperation for the registration, commercialization and distribution of a Pfizer product in China, as well as other cooperation opportunities focused on distribution, cooperation, research and development, manufacturing and equity investment. The companies will also promote Pfizer's Prevenar, a pneumococcal conjugate vaccine with approval for use in China to immunize infants and toddlers against diseases caused by the bacteria Streptococcus pneumonia. Future definitive agreements will contain details of the companies' areas of potential cooperation. Lu Mingfang, chairman of Shanghai Pharmaceutical, notes that "the Chinese pharmaceutical market is very dynamic," and calls Pfizer "an ideal partner for us in the continuous evolution of our business model and implementation of an international strategy."

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