NEW YORK, April 23 /PRNewswire-FirstCall/ -- The Bank of New York, a global leader in securities servicing, has been selected by Simcere Pharmaceutical Group as the depositary bank for its Level III American depositary receipt (ADR) program. Each ADR represents two ordinary shares. The ADRs trade on the New York Stock Exchange under the symbol “SCR.”
Simcere is a manufacturer and supplier of branded generic pharmaceuticals in China. The company reports that it currently manufactures and sells 35 pharmaceutical products and that it is the exclusive distributor of three additional pharmaceuticals marketed under its brand names. Simcere also reports that as of March 31, 2007, it had 12 product candidates in various stages of development, including treatments for cancer, cerebrovascular diseases, infections, rheumatoid arthritis, nasal allergies, and nausea and vomiting associated with chemotherapy. More information about the company is available at http://www.simcere.com/english.
Jinsheng Ren, chief executive officer of Simcere, said, “After careful consideration, we selected The Bank of New York as depositary because of its broad experience with DR programs from China. We are confident the Bank has the resources to help us effectively reach U.S. investors and generate demand for our DRs.”
Christopher Sturdy, executive vice president and head of The Bank of New York’s Depositary Receipt Division, said, “We are pleased to be working with Simcere, the first Western-medicine pharmaceutical company from China to list on the New York Stock Exchange. As Simcere elevates its visibility in the U.S. market, we will support it with customized investor outreach initiatives.”
The Bank of New York is depositary for more than 1,250 American and global depositary receipt programs, a 64% market share, acting in partnership with leading companies from 62 countries. With an unrivalled commitment to helping securities issuers succeed in the world’s rapidly evolving financial markets, the Bank delivers the industry’s most comprehensive suite of integrated depositary receipt, corporate trust and stock transfer services. Additional information is available at http://www.adrbny.com.
The Bank of New York has been conducting business in the Asia-Pacific region for over 50 years. The Company has 18 offices in 12 countries in the region.
The Bank of New York Company, Inc. is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, asset management, and wealth management. The Company’s extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at http://www.bankofny.com.
The Bank of New York provides no advice nor recommendation or endorsement with respect to any company or security. Nothing herein shall be deemed to constitute an offer or solicitation of an offer to buy or sell securities.
The Bank of New York
CONTACT: Dori Flanagan of The Bank of New York, +1-212-815-2291
