Starting news article english 25 September 2012

Clifford Chance advises on two key deals in China's pharmaceutical sector: Pfizer on its joint venture with Hisun and Sinopharm on its investment in Winteam

Leading international law firm Clifford Chance has advised Pfizer Inc. on its pharmaceutical manufacturing and distribution joint venture with Zhejiang Hisun Pharmaceutical, a leading pharmaceutical company in China listed on the Shanghai Stock Exchange. The companies have established a new pharmaceutical joint venture for the development, production and sale of high quality branded generic drugs for patients in China and global markets. Hisun will own 51% and Pfizer will own 49%. Each party will contribute select existing products, and the parties will also contribute  manufacturing sites, cash and other relevant assets. The joint venture will be named Hisun-Pfizer Pharmaceuticals Co., Ltd.

Partner Emma Davies who led the deal said, "We were delighted to work on this strategic deal for Pfizer. It was a highly complex and innovative transaction involving the combination of a broad portfolio of products, assets and hard cash. The joint venture will create a strong platform for both parties in China's fast-growing generics market.”

Emma was assisted by Shanghai counsel Campbell Izzard and senior associates Zhang Hong and Yi Yang. Beijing counsel Ninette Dodoo and senior associate Bai Yong advised on the antitrust aspects of the deal. Clifford Chance is a member of the Pfizer Legal Alliance (PLA), a collaborative partnership between Pfizer and 19 law firms.

The firm also advised Sinopharm Group Hongkong Co., Limited, a wholly-owned subsidiary of China National Pharmaceutical Group Corporation (CNPGC) on a US$332 million voluntary conditional cash offer for Winteam Pharmaceutical Group Limited (Winteam), a company listed on the Hong Kong Stock Exchange. Under the transaction,
Sinopharm will purchase 19.9% of the shares from the existing controlling shareholders of Winteam.

Hong Kong partner Amy Lo who led the deal said, "We were very pleased to assist Sinopharm on this transaction. The deal underscores the continued high level of activity in China's pharmaceutical sector."

Amy was assisted by associates Liu Yazhe and Au Yeong Wai Mun. The acquisition financing team was led by Beijing partner Maggie Lo who was supported by associate Lu Yinghao.