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Pfizer has sold its 49-percent state in a joint venture with Chinese firm Hisun Pharmaceuticals, Bloomberg reported Friday.
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The $295-million partnership forged in 2011 aimed to develop, manufacture and commercialise pharmaceutical products in China and other regions.
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Pfizer spokesperson Steve Danehy did not divulge how much Pfizer will receive from the transaction.
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"We will continue to collaborate with the [Chinese] government and other stakeholders to increase access to affordable and high quality medicines," Danehy stated.
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