As of March 31, 2009, the Company had cash, cash equivalents and restricted cash of RMB 825.5 million (US$120.8 million), compared to RMB813.8 million as of December 31, 2008.
On January 6, 2009, the Company completed an acquisition of the remaining 10% of the outstanding shares of Shandong Simcere Medgenn Bio-Pharmaceutical Co., Ltd. ("Shandong Simcere") for a cash consideration of approximately RMB30.1 million (US$4.4 million). Following the acquisition, Shandong Simcere became a wholly-owned subsidiary of the Company.
On April 15, 2009, the compensation committee of the Company's board of
directors approved a share option exchange program that offered the Company's
eligible employees and directors the right to exchange vested and unvested
outstanding share options to purchase ordinary shares of the Company under the
2006 Share Incentive Plan for restricted shares of the Company. The exchange
ratio was determined based on the fair value of replacement restricted shares
so that the fair value of the replacement restricted shares to be issued upon
exchange would be approximately equivalent to the fair value of the share
options surrendered by an individual. In addition, these replacement
restricted shares are subject to substantially the same vesting schedule as
the options that are validly tendered in the exchange offer. The exchange of
the share option awards for restricted shares was accounted for as a
modification for awards which involves a cancellation of the original award
and an issuance of a new award. The replacement restricted shares were granted
on May 7, 2009. Management does not expect the effect of this award
|SOURCE Simcere Pharmaceutical Group|
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