Pfizer Animal Health, a subsidiary of Pfizer Inc., and Jilin Guoyuan Animal Health Co., Ltd. announced on Friday that they will create a joint venture program to develop, manufacture and distribute animal vaccines in China.

Jilin Pfizer Guoyuan Animal Health Co., Ltd. will bolster the capabilities of both companies to offer vaccines for China's livestock producers amid increasing demand for a safe and abundant supply of pork, beef, dairy and poultry, Pfizer and Guoyuan said in a joint statement.

The two companies have valued China's animal vaccine market at 800 million U.S. dollars per year.

Pfizer Guoyuan Animal Health will initially focus on developing vaccines for pigs, as China is world's leading producer of pork.

The terms of the agreement have not been disclosed. The joint venture remains subject to approval by government authorities in China.

Established in Jilin's Huinan Economic Development Zone in 2009, the Jilin Guoyuan Animal Health Company is mainly engaged in the research, development, manufacture and sale of veterinary products.