Bristol Myers Squibb has sold its 60% stake in the Sino-American Shanghai Squibb Pharmaceuticals joint venture to an undisclosed buyer, Reuters reported Wednesday.

"As part of our long-term strategy, we continue to align our resources to support evolving business needs across our global network," Reuters quoted a spokesperson for the US drug company as saying.

The joint venture was formed with Shanghai Pharmaceuticals Holding (HKG:2607, SHA:601607) and Sinopharm (HKG:1099) in 1982, the first China-US pharmaceutical joint venture.

The JV has produced drugs such as metformin for diabetes and paracetamol, according to Reuters.

The exit will help align global resources and regional market strategy, Yicai Global reported separately, citing an insider.

Affected employees will be given support, according to Reuters, citing a company spokesperson.

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