Navigation Links
Simcere Pharmaceutical Group Reports Proposed Private Sale of Ordinary Shares by Existing Shareholder
Date:4/28/2008

NANJING, CHINA, April 28 /PRNewswire-FirstCall/ -- Simcere Pharmaceutical Group (NYSE: SCR), a leading manufacturer and supplier of branded generic pharmaceuticals and manufacturer of the patented anti-cancer biotech product Endu in China, today announced that it has been informed that one of its existing shareholders, New Good Management Limited, a British Virgin Islands company beneficially owned by 15 individuals, including certain senior management of Simcere Pharmaceutical, has entered into a share purchase agreement with King View Development International Limited, a British Virgin Islands company affiliated with Trust Bride Partners, a private equity fund. Under the terms and conditions of the share purchase agreement, King View has agreed to purchase from New Good Management in a private sale a total of 11,820,000 ordinary shares that New Good Management currently holds in Simcere Pharmaceutical, or approximately 9.3% of Simcere Pharmaceutical's issued and outstanding share capital as of April 26, 2008. Simcere Pharmaceutical has been informed that, except for Mr. Haibo Qian, the secretary to the board of directors and company secretary, and Chuan Li, a deputy manager of one of Simcere's subsidiaries, none of the shareholders of New Good Management participating in this proposed private sale is an employee of Simcere Pharmaceutical. The closing of the proposed transaction is subject to customary closing conditions and is expected to take place prior to the middle of May 2008. Upon closing, Simcere Pharmaceutical expects that New Good Management and Assured Ahead Investments Limited, a British Virgin Islands company that is 68.0% owned by Hony Capital II, L.P., an exempted limited partnership formed under the laws of the Cayman Islands, will each own approximately 39.6% and 20.8% of Simcere Pharmaceutical's issued and outstanding share capital, respectively.

Upon closing of the proposed transaction, Simcere Pharmaceutical will enter into a registration rights agreement with King View and New Good Management, pursuant to which Simcere Pharmaceutical will agree to file registration statements with the Securities and Exchange Commission to cover the resale of the ordinary shares to be purchased by King View. New Good Management will bear all costs associated with the filing of such registration statements.

About Simcere Pharmaceutical Group

Simcere Pharmaceutical Group (NYSE:SCR, Simcere) is a leading manufacturer and supplier of branded generic pharmaceuticals and manufacturer of the patented anti-cancer biotech product Endu in the rapidly growing China market. In recent years, Simcere has focused its strategy on the development of first-to-market generic and innovative pharmaceuticals, and has introduced a first-to-market generic stoke management medication under the brand name Bicun and an innovative anti-cancer medication under the brand name Endu. Simcere currently manufactures and sells more than 50 pharmaceutical products including antibiotics, anti-cancer medication and stroke management medication and is the exclusive distributor of three additional pharmaceuticals that are marketed under its brand names. Simcere concentrates its research and development efforts on the treatment of diseases with high incidence and/or mortality rates and for which there is a clear demand for more effective pharmacotherapy such as cancer, strokes, osteoporosis and infectious diseases and currently has more than 12 pipeline products. For more information about Simcere Pharmaceutical Group, please visit http://www.simcere.com.

For investor and media inquiries, please contact:

In China:

Frank Zhao

Chief Financial Officer

Simcere Pharmaceutical

Tel: +86-25-8556-6666 x8818

Wu Kejia

Brunswick Group

Tel: +86-10-6566-2256

In Hong Kong:

Joseph Lo

Brunswick Group

Tel: +852-3512-5000

In the United States:

Michael Guerin

Brunswick Group LLC

Tel: +1-212-333-3810


'/>"/>
SOURCE Simcere Pharmaceutical Group
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Simcere Pharmaceutical Group to Announce Third Quarter 2007 Earnings on Monday, November 5, 2007
2. Simcere Pharmaceutical Group Announces the Appointment of New Vice President of Marketing and Two Senior Promotions
3. Vion Pharmaceuticals Pays Interest on 7.75% Convertible Senior Notes
4. Skystar Bio-Pharmaceutical Announces Second Quarter 2007 Results
5. China Biopharmaceuticals Holdings Announces Second Quarter 2007 Financial Results
6. Vion Pharmaceuticals Completes Accrual of 85 Patients to its Pivotal Phase II Trial of Cloretazine(R) (VNP40101M) in Elderly AML
7. XTL Biopharmaceuticals Announces Financial Results for the Six Months Ended June 30, 2007
8. Dragon Pharmaceutical Reports Growth in Sales and Profits during Second Quarter of 2007
9. Cadence Pharmaceuticals Reports Second Quarter 2007 Financial Results
10. Nabi Biopharmaceuticals to Present at Upcoming Industry Conferences
11. Anadys Pharmaceuticals Appoints Steve Worland, Ph.D. as President and Chief Executive Officer
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:1/16/2017)... , Jan. 16, 2017   Valentin A. ... Tracey, MD , president and CEO of The ... completed an analysis of how the nervous system regulates ... and develop bioelectronic medicine devices to treat ... Nature Neuroscience . The paper examines ...
(Date:1/13/2017)... Research and Markets has announced the addition of the ... report to their offering. ... The biosimilars market is expected to reach USD ... a CAGR of 26.3%. The global biosimilars market ... Factors such as rising incidence of various diseases, increasing demand for ...
(Date:1/12/2017)... ... January 12, 2017 , ... ... Vertebral Technologies, Inc., announces the successful outcome of the first lumbar fusion ... VTI (Vertebral Technologies, Inc.) has partnered with Mexico-based medical product company BioMedical ...
(Date:1/12/2017)... 12, 2017 The Energy and ... facility for producing mycorrhizae. The Centre for Mycorrhizal Research ... of mycorrhizae and developed a technology that eventually produces ... ... The TERI facility has a production capacity ...
Breaking Biology Technology:
(Date:1/4/2017)... , Jan. 4, 2017  CES 2017 – ... sensor technology, today announced the launch of two ... systems, the highly-accurate biometric sensor modules that incorporate ... technology, experience and expertise. The two new designs ... specifically for hearables, and Benchmark BW2.0, a 2-LED ...
(Date:12/20/2016)... , Dec. 20, 2016 The rising ... rental and leasing is stoking significant interest in ... frequency technology, Bluetooth low energy (BLE), biometrics and ... the next wave of wireless technologies in the ... system to advanced access systems opens the market ...
(Date:12/16/2016)... , Dec 16, 2016 Research and ... System Market - Global Forecast to 2021" report to their ... The ... to grow at a CAGR of 14.06% from 2016 to 2021. ... and is projected to reach 854.8 Million by 2021. The growth ...
Breaking Biology News(10 mins):