Pfizer (PFE.NYSE) announced Thursday that it intends to form a joint venture with Zhejiang Hisun Pharmaceuticals, a partnership that would allow the two pharmaceutical companies to collaborate on manufacturing and marketing branded generics in China, Dow Jones reported. The memorandum of understanding states that both companies could contribute certain existing products and other relevant assets to the potential tie-up. According to Pfizer, branded generics account for about 60% of the market in China. The country is predicted to become the world’s second largest pharmaceutical market by 2015. “The potential joint venture would be an important milestone for Pfizer’s efforts to broaden the reach of its world-class health-care solutions in China,” said David Simmons, Pfizer’s president and general manager of emerging markets and established products.