SHTDF - Pfizer collaborates with Sinopharm to expand in China
2023-04-13 11:15:45 ET
- Pfizer ( NYSE: PFE ) announced Thursday a strategic corporation agreement with Shanghai-based Sinopharm Group ( OTCPK:SHTDF ) ( OTCPK:SHTDY ) to expand its market presence in China.
- Per the terms, the two companies will join hands to seek approval to market as many as 12 innovative drugs in China through 2025, Reuters reported citing a statement from New York-based Pfizer ( PFE ).
- At the launch of the partnership in Shanghai, Sinopharm ( OTCPK:SHTDF ) president Liu Yong said that the collaboration aims to speed up the deployment of Pfizer’s ( PFE ) new treatments to patients.
- Rival Merck ( MRK ) has a partnership with Sinopharm ( OTCPK:SHTDF ) to commercialize the oral COVID pill, molnupiravir, in China, while Pfizer ( PFE ) has joined hands with local drug maker Zhejiang Huahai to manufacture its oral therapy Paxlovid in the country.
- Read: Seeking Alpha analyst The Value Investor upgraded Pfizer ( PFE ) to Buy this week, citing an attractive valuation multiple.
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Pfizer collaborates with Sinopharm to expand in China