CHINA
Drug Maker Plans International Joint Venture: Shenzhen Nan Fang Pharmaceutical Factory has agreed to structure a $168-million pharmaceutical joint venture with seven international companies, U.S. banking group Citibank said. The bank said the venture, 999 Pharmaceutical Co., will make, distribute and develop pharmaceutical and health care products in China. It will be able to use all Shenzhen Nan Fang Pharmaceutical trademarks. The drug firm’s partners will collectively own 60.9% of the joint venture, Citibank said. One partner will be Citicorp Capital Asia.
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