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Simcere Pharmaceutical Group Reports Unaudited First Quarter 2009 Results
Date:5/18/2009

ine for Simcere's mid to long term growth."

Simcere announced today that it has signed an agreement to indirectly acquire approximately 35.1% of the equity of Shanghai Celgen Bio-Pharmaceutical Co., Ltd. ("Shanghai Celgen"), through the 100% acquisition of Pearl Ocean Holdings Limited ("Pearl") for a total cash sum of RMB140 million, of which RMB30 million will be applied towards the repayment of indebtedness. Shanghai Celgen has strong expertise in research and production of therapeutic antibodies and possesses an antibody manufacturing facility in Shanghai, for which GMP certification is pending. Shanghai Celgen's major biogeneric drug candidate, an etanercept, has completed clinical trials and is currently awaiting approval from the PRC State Food and Drug Administration ("SFDA"). In addition, Simcere is entitled to unwind the acquisition and have returned the amounts it has paid if the SFDA does not approve Shanghai Celgen's major biogeneric drug candidate within 24 months from the date of agreement. The agreement is subject to certain closing conditions.

In December 2008, Simcere signed an agreement with Epitomics, Inc., to collaborate on the co-development and production of monoclonal antibodies for the treatment of multiple tumors.

2009 First Quarter Financial Results

Total revenue for the first quarter of 2009 was RMB442.5 million (US$64.8 million), an increase of 12.1% from RMB394.6 million for the corresponding period in 2008.

Revenue from Endu, the Company's patented anti-cancer biotech product, totaled RMB36.5 million (US$5.3 million) in the first quarter of 2009, representing 8.4% of the Company's product revenue for the quarter and a decrease of 42.8% from RMB63.8 million for the corresponding period in 2008.

Revenue from edaravone injection products under the brand names Bicun and Yidasheng totaled RMB159.6 million (US$23.4 million) in the first
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SOURCE Simcere Pharmaceutical Group
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