Published on October 29, 2009 at 5:37 AM
Simcere Pharmaceutical Group (NYSE: SCR) ("Simcere" or the "Company"), a leading pharmaceutical company specializing in the development, manufacturing, and marketing of branded generic and proprietary pharmaceuticals in China, today announced that it has entered into an agreement to acquire a 74.49% stake in ChinaVax, a Cayman Islands company that, as its sole business, holds a 13.27% stake in Jiangsu Yanshen Biological Technology Stock Co., Ltd. ("Jiangsu Yanshen"). After the completion of this acquisition, and together with a 37.5% stake in Jiangsu Yanshen acquired in May 2009, Simcere will control a 50.77% stake in Jiangsu Yanshen.
"China's emerging vaccine industry has shown strong growth potential. We are delighted to make this additional investment in Jiangsu Yanshen, following our acquisition of a 37.5% stake earlier this year," commented Mr. Jinsheng Ren, Chairman and Chief Executive Officer of Simcere Pharmaceutical Group. "This investment is in line with Simcere's mid-to-long-term strategy and demonstrates Simcere's continuing progress in China's vaccine industry."
Located in Changzhou, Jiangsu Province, Jiangsu Yanshen is a leading China-based developer and manufacturer of vaccines. Jiangsu Yanshen was awarded a new drug certificate and production license from China's State Food and Drug Administration (SFDA) on September 18, 2009 for its Influenza A (H1N1) vaccine. Jiangsu Yanshen has subsequently received orders from China's Ministry of Industry and Information Technology for 6.3 million doses of the Influenza A (H1N1) vaccine.
SOURCE Simcere Pharmaceutical Group