Pfizer sells animal vaccine business to Harbin Pharmaceuticals

09:16, June 01, 2010      

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In compliance with an order by Chinese antitrust authorities, Pfizer Inc., the world's largest drug maker, sold rights to an animal vaccine to Harbin Pharmaceutical Group Holding Co. last Friday in a deal reported to be worth close to 50 million U.S. dollars.

Last September, China's Ministry of Commerce urged Pfizer to divest its swine flu vaccine business in China, following its takeover of Wyeth.

The Pfizer-Wyeth deal would give the company control over half of the domestic mycoplasma hyponeumoniae (MH) vaccine market, said the Ministry of Commerce.

This is the first time that Chinese antitrust authorities required a foreign company to divest its local business in exchange for merger clearance.

Analysts believe that Pfizer's action may affect its dominance in the Chinese animal vaccine market.

By the end of 2009, bio-pharmaceutical sector accounted for 10 percent of China's pharmaceutical production, but contributed 15 percent of profits. Meanwhile, China's vaccine market is growing at a speed of 20 percent.

After the takeover of Wyeth, Pfizer established a bio-pharmacy division for a better merger of Wyeth's business in China. It is estimated that the bio-pharmacy division contributed around two thirds of Pfizer's sales revenues in China.

By People's Daily Online


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