Generics firm retreats from ‘risky’ Chinese market
Generic drugs heavyweight Actavis is selling off a subsidiary based in Foshan, China. The business is being bought by Zhejiang Chiral Medicine Chemicals for an undisclosed sum.
In a company statement, Actavis stressed that the company ‘intends to continue further commercial operations in China in collaboration with its preferred business partners’. But in an interview with Bloomberg, chief executive Paul Bisaro claimed that doing business in China is ‘too risky’, and the returns were not worth the effort compared to other markets.