NANJING, China, Oct. 29 /PRNewswire-Asia/ -- Simcere Pharmaceutical Group (NYSE: SCR) ("Simcere" or the "Company"), a leading pharmaceutical company specializing in the development, manufacturing, and marketing of branded generic and proprietary pharmaceuticals in China, today announced that it has entered into an agreement to acquire a 74.49% stake in ChinaVax, a Cayman Islands company that, as its sole business, holds a 13.27% stake in Jiangsu Yanshen Biological Technology Stock Co., Ltd. ("Jiangsu Yanshen"). After the completion of this acquisition, and together with a 37.5% stake in Jiangsu Yanshen acquired in May 2009, Simcere will control a 50.77% stake in Jiangsu Yanshen.
"China's emerging vaccine industry has shown strong growth potential. We are delighted to make this additional investment in Jiangsu Yanshen, following our acquisition of a 37.5% stake earlier this year," commented Mr. Jinsheng Ren, Chairman and Chief Executive Officer of Simcere Pharmaceutical Group. "This investment is in line with Simcere's mid-to-long-term strategy and demonstrates Simcere's continuing progress in China's vaccine industry."
Located in Changzhou, Jiangsu Province, Jiangsu Yanshen is a leading China-based developer and manufacturer of vaccines. Jiangsu Yanshen was awarded a new drug certificate and production license from China's State Food and Drug Administration (SFDA) on September 18, 2009 for its Influenza A (H1N1) vaccine. Jiangsu Yanshen has subsequently received orders from China's Ministry of Industry and Information Technology for 6.3 million doses of the Influenza A (H1N1) vaccine.
Safe Harbor Statement
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About Simcere Pharmaceutical Group
Simcere Pharmaceutical Group (NYSE: SCR, Simcere) is a leading pharmaceutical company specializing in the development, manufacturing, and marketing of branded generic and proprietary pharmaceuticals in China. In recent years, Simcere has been focusing its strategy on the development of innovative pharmaceuticals and first-to-market generics, and has introduced an innovative anti-cancer medication Endu, a first-to-market medication Sinofuan, and first-to-market generics such as Bicun and Anxin. Simcere manufactures and sells anti-infective medication, anti-cancer medication and stroke management medication. 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, orthopaedics and infectious diseases. For more information about Simcere Pharmaceutical Group, please visit http://www.simcere.com .
SOURCE Simcere Pharmaceutical Group
|SOURCE Simcere Pharmaceutical Group|
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