NANJING, China, May 26 /PRNewswire-Asia/ -- Simcere Pharmaceutical Group ("Simcere" or the "Company") (NYSE: SCR), a leading manufacturer and supplier of branded generic and innovative pharmaceuticals in China, today announced an agreement to acquire a 37.5% stake in Jiangsu Yanshen Biological Technology Stock Co., Ltd. ("Jiangsu Yanshen") from existing shareholders for a total cash consideration of approximately RMB195.5 million. Upon the closing of the transaction, Simcere is expected to be the largest shareholder in Jiangsu Yanshen.
Located in Changzhou, Jiangsu Province, Jiangsu Yanshen is a leading China-based developer and manufacturer of vaccines. Jiangsu Yanshen's core products include an influenza vaccine and a human use rabies vaccine (vero cell), which have the second and the fourth largest market shares in China respectively.
In addition, Jiangsu Yanshen has received a new medicine certificate from the PRC State Food and Drug Administration ("SFDA") for its freeze-dried human use rabies vaccine (vero cell) and has completed clinical trials of its purified hepatitis A inactivated vaccine (vero cell). SFDA approval for the purified hepatitis A inactivated vaccine (vero cell) and GMP certification for the associated new manufacturing facility are pending.
"Vaccines have strong market potential and represent one of China's key emerging industries," said Mr. Jinsheng Ren, Chairman and Chief Executive Officer of Simcere Pharmaceutical Group. "We are delighted to enter this new market through our investment in Jiangsu Yanshen. This is another significant development for Simcere in the biopharmaceutical area, following our recent investment in Shanghai Celgen Bio-Pharmaceutical Co., Ltd."
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|SOURCE Simcere Pharmaceutical Group|
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