November 10 -- Zhangzhou Pientzehuang Pharmaceutical (600436.SH) plans to establish a one billion yuan joint venture with China Resources Medications Group, China Securities Journal, citing a company filing.

Pientzehuang Pharma and Medications Group will hold respective stakes of 49 percent and 51 percent in the joint venture.

Pientzehuang Pharma will inject eight products into the joint venture. Some of the products include the Yindan Pingan capsules, lozenges, and hemorrhoids ointment.

The two parties expect the joint venture to generate annual sales revenue of 200 million yuan in three years, and annual sales revenue of more than two billion yuan in 10 years.

Both companies committed to build a 200,000 square meters pharmaceutical industrial park in Zhangzhou, Fujian province.

Pientzehuang Pharma and Medications Group said they will not develop products similar to that of the eight products.