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This case study examines the history and transition of Chinoin, a pharmaceutical firm in Hungary, from its inception as a private firm in 1910 to a nationalised firm in 1948 under Communist rule until 1991, when it was privatised as a joint venture with a French firm. The case considers the culture and history of Hungary and its pharmaceutical industry as its current difficulties with governmental price controls and the collapse of Russian currency. The case is intended to supplement the study of both organisational learning strategies and of the challenges inherent to international joint venture markets and emerging markets. It raises the issues of appropriate roles for and contributions of both foreign and local parents of joint ventures, changes in environment, government and financial markets as well as the essential difficulties of integrating firms within joint ventures. This case was sponsored by the Indiana University CIBER Case Collection.