Pfizer, Chinese drug maker ink branded generics deal
HANGZHOU, China — Pfizer has inked a deal with a Chinese drug maker to make branded-generic drugs for China and global markets, the companies said.
Pfizer said it had partnered with Zhejiang Hisun Pharmaceuticals, based in the city of Hangzhou, south of Shanghai on China’s eastern coast. The partnership, called Hisun-Pfizer, will operate as a joint venture developing, manufacturing and commercializing branded generics, an umbrella term used to describe branded drugs with active pharmaceutical ingredients that have lost patent protection. Hisun-Pfizer has an aggregate investment of $295 million and a registered capital of $250 million, with Hisun owning a 51% share and Pfizer owning 49%, the companies said.
"Providing high-quality, accessible and affordable health care to people over a vast area and from broad socioeconomic levels has become a primary objective of Chinese healthcare reforms, which is aligned with Pfizer’s mission to provide high-equality and affordable medicines to our patients," Pfizer country manager for China Wu Xiaobing said. "The joint venture demonstrates Pfizer’s commitment to China’s ongoing healthcare reforms and is an important milestone for Pfizer’s efforts to broaden the reach of its world-class healthcare solutions in China."
J&J taps Bayer executive to serve as group worldwide chairman
NEW BRUNSWICK, N.J. — Johnson & Johnson has named a new group worldwide chairman.
The company said Sandra Peterson — who currently serves as chairman and CEO of Bayer CropScience AG, based in Europe — will have responsibility for the J&J consumer group of companies, information technology and global supply chain. She also will become a member of J&J’s executive committee.
"Sandi Peterson is an experienced global leader known for her strategic thinking and proven track record in growing businesses," J&J CEO Alex Gorsky said. "She brings 25 years of experience to her new role, which will draw on her expertise in building fully integrated global businesses, and focusing on growth."
Peterson has held her current role at Bayer since 2010. Previously, she was president and CEO of Bayer Medical Care and president of Bayer HealthCare AG’s diabetes care division. Prior to joining Bayer in 2005, Peterson spent five years in leadership roles at Medco Health Solutions, and also worked at Nabisco, Whirlpool and McKinsey & Co.
Currently residing in Germany, Peterson will be based at Johnson & Johnson headquarters in New Brunswick, N.J.
99 Cents Only to debut Sanger, Calif., store
CITY OF COMMERCE, Calif. — 99 Cents Only Stores is opening a new store in Sanger, Calif.
The new Sanger store, which officially opens its doors Sept. 20, is located at 2680 Jensen Ave. at the corner of Bethel Ave. The new store is approximately 19,000 sq. ft. and will feature a perishable food department, including produce, dairy and frozen foods.
99 Cents Only currently operates 302 extreme value retail stores, consisting of 221 stores in California, 37 in Texas, 29 in Arizona and 15 in Nevada.