Changes in Shanghai Schering-Plough
Two Chinese partners in the Shanghai Schering-Plough joint venture, which own 30% and 15%, respectively, have announced their intention to sell their stakes, reports ChinaBio Today. The JV was set up in 1994 when S-P, which holds 55%, first opened a representative office in China. The 45% stake in the JV is being offered for 66.3 million renminbi ($9.6 million). According to the publication, industry observers were surprised by the news, pointing out that the business has recently turned profitable, with 2007 earnings of 3.7 million renminbi.
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