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Friday, January 27, 2023

Pfizer (NYSE: PFE) Decides to Divest Biologic Drug Plant in China

Pfizer Inc. (NYSE: PFE) disclosed Wednesday that it has decided to halt the biosimilar output in China. The firm further added that it has also plan to divest its unit in China. WuXi Biologics of China has confirmed that it has decided to buy a drug production facility of PFE in China. Wuxi has not yet revealed the value of the deal.

Pfizer has been dependent for profit on biologics drugs. These are manufactured from living organisms that are harder and more costly to make than traditional medicines with chemical components. Pfizer disclosed that the site was scheduled to make three biosimilar products for China. PFE has commercially and officially assessed other products for the site but none achieved the level of activity for the extent of the site.

WuXi disclosed that the plants are fitted with bioreactors and have room for bottle and syringe filling.  It has also commented that this move will help the firm to address the increasing needs for drug substances and drug products.

The China-based firm is also developing vaccine substances for a COVID-19 shot created by AstraZeneca PLC and the University of Oxford to provide them to Brazil. WuXi has not yet disclosed that whether it will use the plant for the production of COVID-19 substance or not.

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