Simcere sells 35% equity interest in Shanghai Celgen for RMB 302M

theflyonthewall.com

Simcere Pharmaceutical Group announced that the company entered into a share transfer agreement with Devont Asset Management Limited on January 15 to sell an approximately 35% equity interest in Shanghai Celgen Bio-Pharmaceutical for a cash consideration of RMB 302M. Simcere indirectly acquired an approximately 35% equity interest in Shanghai Celgen in August 2009. Upon completion of this transaction, Simcere will no longer hold any equity interest in Shanghai Celgen.

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