{"id":109746,"date":"2021-03-17T05:45:16","date_gmt":"2021-03-17T05:45:16","guid":{"rendered":"https:\/\/fin2me.com\/?p=109746"},"modified":"2021-03-17T05:45:16","modified_gmt":"2021-03-17T05:45:16","slug":"pfizer-to-halt-biosimilar-output-in-china-sell-assets-to-wuxi-biologics","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/pfizer-to-halt-biosimilar-output-in-china-sell-assets-to-wuxi-biologics\/","title":{"rendered":"Pfizer to halt biosimilar output in China, sell assets to WuXi Biologics"},"content":{"rendered":"
FILE PHOTO: Pfizer logo seen outside their building in Manhattan, New York City, New York, U.S., March 2, 2021. REUTERS\/Carlo Allegri<\/figcaption>

BEIJING (Reuters) – Pfizer Inc has decided to stop producing biosimilar products in China and sell a unit in the eastern city of Hangzhou to WuXi Biologics Inc, the U.S. drugmaker said on Wednesday.<\/p>\n

The pharmaceutical industry increasingly relies for its profits on costly biologic drugs, made from living organisms that are tougher and more expensive to make than conventional medicines with chemical ingredients.<\/p>\n

\u201cThe site was planned to manufacture three biosimilars for the China market,\u201d the company said in a response to Reuters.<\/p>\n

\u201cPfizer commercially and technically evaluated other products for the site but none reached the level of activity for the scale of the site.\u201d<\/p>\n

Neither Pfizer nor WuXi disclosed the deal value, or the products to be made after the transaction closes, which is expected in the first half of this year.<\/p>\n

WuXi said the deal would allow it to address surging manufacturing demand for drug substances and drug products.<\/p>\n

The facilities are equipped with bioreactors and capable of filing vials and syringes, the Chinese firm said in a statement on the WeChat app.<\/p>\n

WuXi also makes vaccine substances for a COVID-19 shot developed by AstraZeneca PLC and the University of Oxford to supply them to Brazil, but did not have immediate comment on whether the plant would turn out such substances.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

FILE PHOTO: Pfizer logo seen outside their building in Manhattan, New York City, New York, U.S., March 2, 2021. 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