Chinese pharmaceutical manufacturer Zhejiang Hisun Pharmaceutical Co., Ltd. said Friday that it has signed a letter of intent (LOI) with the U.S. drugmaker Pfizer on launching a pharmaceutical joint venture.
The company didn't specify the details of the project.
According to the LOI, the two companies will jointly launch production to promote drug quality, expand sales through local and global marketing networks and research and develop drugs whose patents are about to expire.
David Simmons, head of the Established Products Business with Pfizer,the world's largest pharmaceutical company, said the two companies will select from the current products and allocate related production resources to build a strong platform for the potential company.
