Simcere Pharmaceutical Group Announces Sale of Equity Interest in Boda
NANJING, China, June 24, 2013
NANJING, China, June 24, 2013 /PRNewswire/ --Simcere Pharmaceutical Group
("Simcere" or the "Company") (NYSE: SCR), a leading pharmaceutical company
specializing in the development, manufacturing, and marketing of branded and
proprietary pharmaceuticals in China, today announced that it entered into a
share transfer agreement with Zhuhai Rongding Equity Investment Partnership
L.P. on June 17, 2013 to sell Simcere's approximately 99.99% equity interest
in Jilin Boda pharmaceutical Co., Ltd. ("Boda"), which is currently the
manufacturer of Yidasheng, for a cash consideration of RMB400 million.
Simcere holds an approximately 99.99% stake in Boda through acquisitions made
since 2007. Upon completion of this transaction, Simcere will no longer hold
any equity interest in Boda. Consummation of the transaction is subject to
certain closing conditions.
About Simcere Pharmaceutical Group
Simcere Pharmaceutical Group ("Simcere" or the "Company") (NYSE: SCR) is a
leading pharmaceutical company specializing in the development, manufacturing,
and marketing of branded and proprietary pharmaceuticals in China. Simcere
concentrates its research and development efforts on the treatment of diseases
with high incidence and/or mortality rates and for which there is a clear
demand for more effective pharmacotherapy such as cancer, strokes,
cardiovascular disease, infectious diseases and pain. For more information
about Simcere Pharmaceutical Group, please visit www.simcere.com.
Investor and Media Contacts:
In Nanjing: In the United States:
Jie Liu D'Elia Cindy Zheng
Vice President Brunswick Group LLC
Simcere Pharmaceutical Group Tel: 1-212-333-3810
SOURCE Simcere Pharmaceutical Group
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