The acquisition of Boda is Simcere's first acquisition since its IPO in April 2007 and demonstrates once again its capability to consolidate the market and lead its growth through acquisitions. The successful acquisition in 2006 of Endu, an innovative anti-cancer drug with its own intellectual property, has established Simcere as one of the fastest-growing pharmaceutical companies in China and a leader in industry consolidation with a product- focused strategy.
Simcere intends to continue to strategically pursue acquisitions that will expand its first-to-market pipeline and its innovative new drug business and will enhance its generic business, distribution and marketing channels, while solidifying its leadership position across its chosen therapeutic areas.
Mr. Jinsheng Ren, Founder, Chairman and CEO of Simcere, said: "We are pleased to enter into an agreement with Boda and look forward to working together to maximize the potential of edaravone in the fast-growing stroke management market. The complementary nature of the deal strengthens our ability to deliver high quality first-to-market drugs to serve more patients, and maximize returns to shareholders. As a result of the Boda acquisition, Simcere, together with Boda, owns 100% of the market share of injectable edaravone. The transaction has firmly established Simcere's position as China's leading provider of stroke management medication."
Commenting on the acquisition, Mr. Chengjun Duan, Chairman and President of Boda said: "We are delighted to join hands with Simcere, a leading player in China's pharmaceutical industry. We will benefit from Simcere's brand name, superior marketing expertise and strong R&D support." Mr. Deng will retain his current position at Boda.
About Simcere Pharmaceutical Group
Simcere Pharmaceutical Group is a leading manufacturer and supplier of
branded generic pharmaceuticals in the rapidly growing China market. In
|SOURCE Simcere Pharmaceutical Group|
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