Actavis plc has signed and completed an agreement for Zhejiang Chiral Medicine Chemicals Co., Ltd to acquire Actavis' interest in Actavis (Foshan) Pharmaceuticals Co., Ltd., an Actavis subsidiary based in Foshan, China. Actavis intends to continue further commercial operations in China in collaboration with its preferred business partners.
"Actavis is focused on strengthening our investment in high-growth markets where our size and scale allow us to maintain a competitive presence with the leading companies in the market," said Sigurdur Oli Olafsson, President, Actavis Pharma. "Our operations in Foshan were limited in scope and we believe that their value will be better capitalized on by Chiral, which will add manufacturing and marketing capabilities allowing them to expand their portfolio and strengthen their position in the Chinese market. I thank all employees at Foshan for their contribution to our business to date, and wish them success under the new ownership."