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 a settlement agreement with certain former shareholders and directors of Jiangsu Quanyi Biological Technology Stock Co., Ltd. (previously known as Jiangsu Yanshen Biological Technology Stock Co., Ltd) has become effective. The settlement concerns the ongoing arbitration and litigation between Simcere and said former shareholders and directors they appointed. These shareholders include Mengyuan Investment Co., Ltd. According to the agreement, these former shareholders and directors have agreed to return a total of RMB 50 million in share transfer payments to Simcere.
In May 2009, Simcere signed a share transfer agreement with certain former shareholders of Jiangsu Quanyi to buy 37.5% of the shares in Jiangsu Quanyi for a total consideration of RMB 195.54 million. Following quality control issues relating to the production of Jiangsu Quanyi's human use rabies vaccine discovered in December 2009, Simcere started arbitration and litigation procedure against aforesaid former shareholders and directors of Jiangsu Quanyi.
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