KENILWORTH, N.J., Aug. 12 /PRNewswire-FirstCall/ -- Schering-Plough
Corporation (NYSE: SGP) today announced that it has expanded its presence
in China and established Shanghai Schering-Plough Pharmaceutical Co. Ltd.,
as a wholly owned operation based in Shanghai through the acquisition of
the shares of its former joint venture partners.
"The actions announced today are part of Schering-Plough's long-term
global geographic expansion strategy," said Fred Hassan, chairman and chief
executive officer, Schering-Plough Corporation. "Investing in the
Asia-Pacific Region, and especially China, represents another step in our
journey to transform Schering-Plough into a global high-performance health
care company. With a long-term presence in China, Schering-Plough now takes
a significant step forward in its strategic development to further build
growth and strength in this important market."
Schering-Plough entered into an agreement in 1994 with two local joint
venture partners in China, Shanghai Pharmaceutical Industry Co., Ltd., and
Shanghai Pharmaceutical Group Co., Ltd., to manufacture, market and
distribute key allergy and skincare products.
"Our long-standing relationships with our former joint venture
partners, Shanghai Pharmaceutical Industry Co., Ltd., and Shanghai
Pharmaceutical Group Co., Ltd., have been an integral part of the
successful establishment of Schering-Plough in China," said Trevor Juniper,
general manager of Schering-Plough China. "We have built a solid foundation
in the Chinese market, which continues to offer great potential. Today's
news demonstrates our commitment to partner with our customers and to
further contribute to the health 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, infectious
diseases, and women's health.
Schering-Plough is an innovation-driven, science-centered global health
care company. Through its own biopharmaceutical research and collaborations
with partners, Schering-Plough creates therapies that help save and improve
lives around the world. The company applies its research-and-development
platform to human prescription and consumer products as well as to animal
health products. Schering-Plough's vision is to "Earn Trust, Every Day"
with the doctors, patients, customers and other stakeholders served by its
colleagues around the world. The company is based in Kenilworth, N.J., and
its Web site is http://www.schering-plough.com.
Schering-Plough China is a country operation of Schering-Plough; its
web site is http://www.schering-plough.com.cn.
SCHERING-PLOUGH DISCLOSURE NOTICE: The information in this press
release includes certain "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995, including statements
relating to the Company's strategy. Forward-looking statements relate to
expectations or forecasts of future events. Schering-Plough does not assume
the obligation to update any forward-looking statement. Many factors could
cause actual results to differ materially from Schering-Plough's
forward-looking statements, including market forces, economic factors,
product availability, patent and other intellectual property protection,
current and future branded, generic or over-the-counter competition, the
regulatory process, and any developments following regulatory approval,
among other uncertainties. For further details about these and other
factors that may impact the forward-looking statements, see
Schering-Plough's Securities and Exchange Commission filings, including
Part II, Item IA, "Risk Factors" in Schering-Plough's second quarter 2008
10-Q.
SOURCE Schering-Plough Corporation
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