Published on January 22, 2013 at 7:24 AM
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 the Company entered into a share transfer agreement with Devont Asset Management Limited on January 15th 2013 to sell an approximately 35% equity interest in Shanghai Celgen Bio-Pharmaceutical Co., Ltd. ("Shanghai Celgen") for a cash consideration of RMB 302 million. Simcere indirectly acquired an approximately 35% equity interest in Shanghai Celgen in August 2009. Upon completion of this transaction, Simcere will no longer hold any equity interest in Shanghai Celgen. Consummation of the transaction is subject to certain closing conditions.
SOURCE Simcere Pharmaceutical Group