S-P expands in China; buys out JV partners

US drug major Schering-Plough says that it has expanded its presence in China and established Shanghai Schering-Plough Pharmaceutical, as a wholly-owned operation based in Shanghai through the acquisition of the shares of its former joint venture partners.

"The actions...are part of Schering-Plough's long-term global geographic expansion strategy," said Fred Hassan, chief executive of the US group. "Investing in the Asia-Pacific Region, and especially China, represents another step in our journey to transform Schering-Plough into a global high-performance health care 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," he noted.

S-P 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.