Zhejiang Hisun Pharmaceutical (600267) signed an agreement with Pfizer Inc to jointly set up a $295 million  pharmaceutical joint venture at the China-US Economic and Trade Cooperation Forum held during vice president Xi Jinping's visit to the U.S., reports Guangzhou Daily, citing an announcement by Pfizer.

The joint venture will have a registered capital of $250 million, and will engage in the development, production, and sales of generic drugs.

Hisun Pharma and Pfizer will respectively hold stakes of 51 percent and 49 percent in the joint venture.

The size of the global generic drugs market topped $130 billion in 2011.