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Bristol Myers Squibb originally linked up with China’s Sinopharm Foreign Trade to establish Sino-American Shanghai Squibb Pharmaceuticals as the first U.S.-China pharmaceutical joint venture back in 1982. More than 40 years after establishing the first U.S. pharmaceutical joint venture in China, Bristol Myers Squibb is handing over its controlling stake in the business.BMS has inked an agreement to sell a 60% ownership stake in its China-based joint venture Sino-American Shanghai Squibb Pharmaceuticals (SASS), a BMS spokesperson told Fierce Pharma in an emailed statement. The move is primarily related to manufacturing of older medicines and consumer products in China and doesn't affect Bristol's core business in the country.An internal email circulating online suggests Hillhouse Capital is on the other end of the transaction. Hillhouse is one of Asia’s biggest investment firms, having invested in such biopharma outfits as BeOne Medicines (formerly BeiGene) and Jiangsu Hengrui Pharmaceuticals. The BMS spokesperson didn’t address the buyer’s identity. “As part of our long-term strategy, we continue to align our resources to support evolving business needs across our global network,” the BMS spokesperson said. “The planned sale of our interest in the SASS joint venture reflects the continued implementation of our manufacturing strategy—one that balances internal capabilities with strong external partnerships to enhance regional focus and ensure long-term supply reliability for patients in China and around the world.”BMS will work to assist any employees impacted by the deal and is prioritizing a “smooth and respectful transition” during the ownership change, the spokesperson added. BMS did not elaborate on the financial terms of the agreement.Crucially, the news does not mean that BMS’ core innovative drugs business will cease operation in China. BMS originally linked up with China’s Sinopharm Foreign Trade to establish SASS as the first U.S.-China pharmaceutical joint venture back in 1982. When China opened its economy to foreign entities in the 1980s, multinational corporations were only allowed to enter the country through joint ventures with state-owned, local companies such as Sinopharm.BMS’ China joint venture operates a 58,000-square-meter (roughly 624,307-square-foot) manufacturing facility in Shanghai responsible for production of antibiotics, cardiovascular drugs, analgesics and metabolic medicines, according to the company’s website.BMS’ stake sale isn’t expected to disrupt facility operations or product supply in China. The transaction includes both the sale of the joint venture itself and products that SASS makes exclusively for the mainland China market, including the hepatitis antiviral Baraclude, the buffered aspirin product Bufferin, the vitamin deficiency supplement Theragran, Monopril for high blood pressure and heart failure, and Velosef, which is an antibiotic used to treat bacterial infections. Several other prescription or over-the-counter medicines are listed under the joint venture, according to a database managed by China’s National Medical Products Administration.These days, as China has become more amenable to foreign entities’ participation in the domestic market, legacy joint ventures established by Western drugmakers often maintain a mix of older drug brands, off-patent medicines and consumer products separate from the companies’ innovative therapeutics businesses.Meanwhile, BMS isn’t the only ex-China drugmaker to dispense with certain legacy brands in the country. Last August, Belgium’s UCB said it was selling its mature neurology and allergy business in mainland China to local healthcare asset manager CBC Group and the Abu Dhabi-based investment organization Mubadala in a deal worth $680 million.The deal covered the divestment of seizure drugs Keppra and Vimpat, Neupro for Parkinson’s disease and restless leg syndrome, and the allergy meds Zyrtec and Xyzal, as well as a manufacturing facility in the city of Zhuhai, located in China’s Guangdong Province.The deal was designed, in part, to free up UCB’s focus on potential innovative medicine launches across immunology, neurology and rare diseases in China, the company’s CEO, Jean-Christophe Tellier, said at the time. 

The brand's new Itch Relief Cooling Spray helps tackle "itchsanity" one irritation at a time. MORRISTOWN, N.J., June 16, 2025 /PRNewswire/ -- Whether it's a weekend hike, a summer camping trip, or just time spent in the backyard, skin irritations can take the fun out of outdoor activities. That's why Cortizone-10®, the #1 Doctor Recommended OTC Topical Anti-Itch Brand*, is teaming up with the National Park Foundation and outdoor advocate Dylan Efron this summer to help more people enjoy nature—without the itch. Continue Reading Dylan Efron with Cortizone-10® Itch Relief Cooling Spray | Photo Credits: brennensmedia Cortizone-10® Itchy Bear Season To enjoy nature without the not-so-great itches, we need to make sure there are outdoor spaces worth enjoying–so Cortizone-10® is partnering with the National Park Foundation, providing $475K as part of a broader brand initiative, to help protect wildlife, preserve habitats, and support conservation efforts across some of the country's most iconic and ecologically rich landscapes. To help amplify the campaign, Dylan Efron—actor, producer, and lifelong outdoor enthusiast—is partnering with Cortizone-10®, an Opella brand, to share his favorite summer adventures and how he doesn't let itches get in the way. "Ever since I was a little kid, I've always loved being outside—all day, every day," said Dylan Efron. "That's why I am so excited to partner with Cortizone-10®. I can't even count how many times I've used this stuff in a year—let alone over my lifetime. Bug bites, poison ivy, poison oak...been there, scratched that. But no itch has ever kept me from enjoying everything the outdoors has to offer." The partnership celebrates the launch of Cortizone-10® 's new Itch Relief Cooling Spray, designed to provide fast, cooling itch relief of common skin irritations that may arise from eczema and psoriasis to bug bites and poison ivy. "We're thrilled to be teaming up with Dylan Efron and the National Park Foundation for a campaign that celebrates adventuring itch-free," said Nimit Bansal, Cortizone-10® Marketing Lead. "Cortizone-10® has always been trusted itch relief for bug bites, eczema, poison ivy, and more—and now, we're making it easier than ever for people to enjoy the outdoors without the itch getting in the way." As part of its broader "Itchsanity" campaign, Cortizone-10® is launching Itchy Bear Season, a social-first series that spotlights different "itchy bear" types one might run into in the great outdoors and shares practical tips on how to stay itch-free outside. A playful nod to natural behaviors seen in the wild, the campaign reminds us that everyone itches—but with Cortizone-10®, you don't have to suffer through it. Visit @cortizone10 on Instagram to cast your vote for itchiest bear in the brand's first-ever Big Bear Itch Off competition and follow along to learn more. The new Cortizone-10® Itch Relief Cooling Spray is available now at drugstores and major retailers nationwide. Learn more at Cortizone10.com. *2024 IQVIA Study About Cortizone-10® Cortizone-10® is the #1 Doctor Recommended OTC Topical Anti-Itch Brand*, trusted for fast, effective relief from itch and irritation. Featuring the maximum strength of hydrocortisone available without a prescription, Cortizone-10® products are specially formulated to calm and soothe a wide range of itchy skin discomforts—including bug bites, poison ivy, eczema, psoriasis, and rashes caused by soaps, detergents, and cosmetics. With a variety of formats like creams, ointments, and sprays, Cortizone-10® delivers targeted, long-lasting relief to help people get back to feeling comfortable—so they can stay focused on what matters most. About Opella Opella is the self-care challenger with the purest and third-largest portfolio in the Over-The-Counter (OTC) & Vitamins, Minerals & Supplements (VMS) market globally. Our mission is to put health in people's hands by making self-care as simple as it should be for over half a billion consumers worldwide. At the core of this mission is our 100 brands, our 11,000-strong global team, our 13 best-in-class manufacturing sites and four specialized science and innovation development centers. Headquartered in France, Opella is the proud maker of many of North America's most loved brands, including Allegra®, Dulcolax®, Icy Hot®, Xyzal®, Unisom® and Cortizone-10®. B Corp certified in multiple markets, we are active players in the journey towards healthier people and planet. Find out more about our mission at . SOURCE Cortizone-10® WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In GET STARTED