Wednesday, January 23, 2013

Simcere Pharmaceutical Sells its Equity Interest in Shanghai Celgen for $48m

Simcere Pharmaceutical Group today announced that the Company entered into a share transfer agreement with Devont Asset Management Limited on January 15th 2013 to sell an approximately 35% equity interest in Shanghai Celgen Bio-Pharmaceutical Co., Ltd for a cash consideration of 302m RMB ($42m).
Shanghai Celgen Biopharmaceutical co, Ltd is a leading bio-similar biopharmaceuticals drugs developer and manufacture. It has received approval for selling biosimilar version of Enbrel
(Etanercept) in China.