Simcere Pharmaceutical Group Raises $65 Million by Selling Its Boda Pharma Subsidiary
6/24/2013 12:52:26 PM
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by Richard Daverman, PhD
June 24, 2013 -- Simcere Pharma of Nanjing agreed to sell its 99.99% stake in Jilin Boda Pharma for 400 million RMB ($65 million). Simcere bought an initial 51% ownership of Boda in 2007 for $15 million. Both Boda and Simcere produce injectible edaravone drugs that act as neuroprotectives following a stroke. The Boda sale has taken place after Simcere’s Chairman offered $503 million to take Simcere private, and the $65 million in sale proceeds will render the take-private deal easier to finance. More details....
Stock Symbol: (NYSE: SCR)
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