Singapore, Nov. 3 -- Japan-based pharma firm Shionogi has announced that Shionogi China, a Shionogi group company in China, has entered into a share transfer agreement with Zhejiang Gaozhi Pharmaceutical Technology Co., regarding the transfer of shares in Shenzhen Liancheng Pharmaceutical Co. and Nanjing Chang'ao Pharmaceutical Co., which operate Shionogi's generic drug business in China.

Shenzhen Liancheng Pharmaceutical and Nanjing Chang'ao Pharmaceutical are Shionogi group companies engaged in the development, manufacturing, and sales of generic drugs in China. The generic drug business has served as a foundation for Shionogi's business in China for many years.

In recent years, however, in response to changes in the business environm...