KENILWORTH, N.J., Aug. 12 Schering-PloughCorporation (NYSE: SGP) today announced that it has expanded its presence inChina and established Shanghai Schering-Plough Pharmaceutical Co. Ltd., as awholly owned operation based in Shanghai through the acquisition of the sharesof its former joint venture partners.
"The actions announced today are part of Schering-Plough's long-termglobal geographic expansion strategy," said Fred Hassan, chairman and chiefexecutive officer, Schering-Plough Corporation. "Investing in theAsia-Pacific Region, and especially China, represents another step in ourjourney to transform Schering-Plough into a global high-performance healthcare company. With a long-term presence in China, Schering-Plough now takes asignificant step forward in its strategic development to further build growthand strength in this important market."
Schering-Plough entered into an agreement in 1994 with two local jointventure partners in China, Shanghai Pharmaceutical Industry Co., Ltd., andShanghai Pharmaceutical Group Co., Ltd., to manufacture, market and distributekey allergy and skincare products.
"Our long-standing relationships with our former joint venture partners,Shanghai Pharmaceutical Industry Co., Ltd., and Shanghai Pharmaceutical GroupCo., Ltd., have been an integral part of the successful establishment ofSchering-Plough in China," said Trevor Juniper, general manager ofSchering-Plough China. "We have built a solid foundation in the Chinesemarket, which continues to offer great potential. Today's news demonstratesour commitment to partner with our customers and to further contribute to thehealth care needs of Chinese patients."
Schering-Plough in China serves Chinese health care professionals,customers and other stakeholders in the areas of allergy/respiratory,cardiovascular, central nervous system, skin care, oncology, infectiousdiseases, and women's health.
Schering-Plough is an innovation-driven, science-centered global healthcare company. Through its own biopharmaceutical research and collaborationswith partners, Schering-Plough creates therapies that help save and improvelives around the world. The company applies its research-and-developmentplatform to human prescription and consumer products as well as to animalhealth products. Schering-Plough's vision is to "Earn Trust, Every Day" withthe doctors, patients, customers and other stakeholders served by itscolleagues around the world. The company is based in Kenilworth, N.J., andits Web site is www.schering-plough.com.
Schering-Plough China is a country operation of Schering-Plough; its website is www.schering-plough.com.cn.
SCHERING-PLOUGH DISCLOSURE NOTICE: The information in this press releaseincludes certain "forward-looking statements" within the meaning of thePrivate Securities Litigation Reform Act of 1995, including statementsrelating to the Company's strategy. Forward-looking statements relate toexpectations or forecasts of future events. Schering-Plough does not assumethe obligation to update any forward-looking statement. Many factors couldcause actual results to differ materially from Schering-Plough'sforward-looking statements, including market forces, economic factors, productavailability, patent and other intellectual property protection, current andfuture branded, generic or over-the-counter competition, the regulatoryprocess, and any developments following regulatory approval, among otheruncertainties. For further details about these and other factors that mayimpact the forward-looking statements, see Schering-Plough's Securities andExchange Commission filings, including Part II, Item IA, "Risk Factors" inSchering-Plough's second quarter 2008 10-Q.
SOURCE Schering-Plough Corporation