Actavis sells interest in China

Actavis has sold an interest in its subsidiary in China to Zhejiang Chiral Medicine Chemicals Company.

The Foshan, Guangdong-based interest has been divested just ten days after Actavis CEO said China gave an "unfriendly environment" for pharmaceutical companies (see Actavis to quit China's 'unfriendly environment', says CEO).

"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."

Sigurdur Oli Olafsson, president, Actavis Pharma.