AsianFin -- Bristol Myers Squibb (BMS) has agreed to sell its controlling stake in a historic joint venture with Shanghai Pharmaceuticals Holding and Sinopharm Group, marking the end of the first-ever US pharmaceutical partnership in China.

The New York–based drugmaker has signed a deal to divest its 60 percent stake in Sino-American Shanghai Bristol-Myers Squibb Pharmaceutical, better known as the SASS Plant, a company insider told Yicai. The identity of the buyer was not disclosed.

According to the insider, the decision is aimed at better aligning BMS’s global resource allocation and optimizing its regional strategy to ensure that the company’s medicines remain available to patients in China and worldwide on a sustainable basis.

Founded in 1982, the SASS Plant was established shortly after China began its economic reform and opening-up, symbolizing a milestone in Sino-US business cooperation. The venture primarily produces off-patent drugs such as Cefradine Capsules and Metformin Hydrochloride Tablets, which have long been staples in China’s healthcare system.