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S-P China move

This article was originally published in The Tan Sheet

Executive Summary

Schering-Plough establishes Shanghai Schering-Plough Pharmaceutical Co., Ltd., as a wholly owned operation in Shanghai, expanding its presence in the Chinese market, the firm says Aug. 12. The new operation is the result of S-P's acquisition of its former joint venture partners' shares and is part of S-P's "long-term global geographic expansion strategy," Chairman and CEO Fred Hassan says in a release. The company entered into an agreement in 1994 with two local joint-venture partners in China, Shanghai Pharmaceutical Industry Co., Ltd., and Shanghai Pharmaceutical Group Co., Ltd., to manufacture, market and distribute allergy and skin-care products in the country. Hassan says establishing the Shanghai operation "represents another step in our journey to transform Schering-Plough into a global high-performance health care company"...

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