Published on November 9, 2009 at 7:05 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 an agreement to acquire the manufacturing license in China of Rosuvastatin from Tianjin Tianda Pharmaceutical Co., Ltd. ("Tianda"). The acquisition of the manufacturing license will be effected through the acquisition of equity in Tianda as well as transfer of certain technologies from Tianda. Rosuvastatin was first marketed by Astrazeneca as Crestor in 2003 and is an effective statin to treat high cholesterol and related conditions.
Upon completion of the acquisition, Simcere will start manufacturing Rosuvastatin.
Mr. Jinsheng Ren, Chairman and Chief Executive Officer of Simcere Pharmaceutical Group commented on the agreement, "We are delighted to join forces with Tianda to manufacture Rosuvastatin in China. Rosuvastatin has huge market potential and we believe that with our marketing expertise we can help more heart disease patients in China benefit from this drug."
SOURCE Simcere Pharmaceutical Group