VP of China shows up for signing of Pfizer, Hisun deal

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It is not often the signing of a document that is still short of a joint venture agreement attracts a host of dignitaries, but that is what happened with Pfizer ($PFE) and Chinese pharmaceutical company Zhejiang Hisun Pharmaceutical. The signing of a "framework" agreement was held at the Sino-U.S. Economy & Trade Forum in Los Angeles during the visit of Xi Jinping, the vice president of China. Xi Jinping attended the event, as did U.S. Secretary of Commerce John Bryson and other officials from both countries. The plan is for the two companies to form a joint venture to develop, manufacture and commercialize off-patent pharmaceutical products for China and other global markets. The joint venture will be called Hisun Pfizer Pharmaceutical. Hisun will kick in $295 million and own 51%, while Pfizer will invest $250 million and own 49%. Either company could contribute certain existing products, manufacturing sites, cash and other relevant assets after it is formed. Story