Simcere Pharmaceutical Group ("Simcere" or the "Company") (NYSE: SCR), 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 an 80% stake in Xiangao Investment Company Ltd, an investment company registered in China, as its sole business, holds a 49% stake in Jilin Boda Pharmaceutical Co. Ltd. ("Boda"). After the completion of this acquisition, Simcere will control a 90% stake in Boda.
Boda is a fast-growing manufacturer of injectable stroke management medication. Simcere currently holds a 51% stake in Boda through an acquisition made in September 2007. This additional acquisition further demonstrates Simcere's progress in the field of cardiovascular and cerebrovascular medications.
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