Wholly owned business will be based in Shanghai.
Schering-Plough has established a wholly owned operation called Shanghai Schering-Plough Pharmaceutical through the acquisition of its former joint ventures.
“The actions announced today are part of Schering-Plough’s long-term global geographic expansion strategy,” says Fred Hassan, chairman and CEO. “Investing in the Asia-Pacific Region and especially China represents another step in our journey to transform Schering-Plough into a global high-performance healthcare company. With a long-term presence in China, Schering-Plough now takes a significant step forward in its strategic development to further build growth and strength in this important market.”
Schering-Plough entered into an agreement in 1994 with two local joint venture partners in China, Shanghai Pharmaceutical Industry and Shanghai Pharmaceutical Group, to manufacture, market, and distribute key allergy and skincare products. Schering-Plough’s presence in China has expanded to include cardiovascular diseases, central nervous system diseases, oncology, infectious diseases, and women’s health.