Simcere Pharmaceutical Group Acquires 70% Stake in Wuhu Zhong Ren Pharmaceutical Co. Ltd.
April 22 2008 - 3:31AM
PR Newswire (US)
NANJING, China, April 22 /Xinhua-PRNewswire Simcere Pharmaceutical
Group (NYSE: SCR; 'Simcere'), 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 signed a definitive agreement to acquire a 70% equity interest
in Wuhu Zhong Ren Pharmaceutical Co. Ltd. for a total cash
consideration of RMB64.82 million (US $9.26 million). This
transaction is consistent with Simcere's strategy to focus on
first-to-market and innovative new drugs and expand its anti-cancer
product portfolio. Zhong Ren Pharmaceutical is a Chinese drug
manufacturer specializing in the production of sustained release
anti-tumor implants. Its key product SinoFuan (fluorouracil
implant), is proven to effectively inhibit the growth of tumors,
and is the only sustained release anti-tumor implant approved by
the State Food and Drug Administration (SFDA). SinoFuan is commonly
used to treat cancers of the digestive tract and is a favored
choice for use during surgery. No similar product exists on the
Chinese market today. Distribution of SinoFuan through Simcere's
established marketing channels will enhance Simcere's offerings in
the anti-cancer drug market, benefit cancer patients across China
and create greater value for Simcere shareholders. 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 stroke 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
more information, please contact: In China: Frank Zhigang Zhao
Chief Financial Officer Simcere Pharmaceutical Group Tel:
+86-25-8556-6666 x8818 Email: Kejia Wu Brunswick Group Tel:
+86-10-6566-4651 Email: In Hong Kong: Joseph Lo Chi-Lun Brunswick
Group Tel: +852-3512-5033 Email: In the United States: Michael
Guerin Brunswick Group Tel: +1-212-333-3810 Email: DATASOURCE:
Simcere Pharmaceutical Group CONTACT: In China, Frank Zhigang Zhao,
Chief Financial Officer of Simcere Pharmaceutical Group,
+86-25-8556-6666 x8818, or , or Kejia Wu, +86-10-6566-4651, or , or
in Hong Kong, Joseph Lo Chi-Lun, +852-3512-5033, or , or in the
United States, Michael Guerin, +1-212-333- 3810, or , all of
Brunswick Group, for Simcere Web Site: http://www.simcere.com/
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