Simcere Pays $28.5M for Majority Stake in Chinese Vaccine Company
Simcere will hold a 37.5% interest in Jiangsu Yanshen Biological Technology.!--h2>
Simcere Pharmaceutical plans on acquiring a 37.5% stake in Jiangsu Yanshen Biological Technology for RMB 195.5 million, or about $28.5 million. Upon the closing of the transaction, Simcere is expected to be the largest shareholder in the company.
Jiangsu Yanshen's core products include an influenza vaccine and a human-use rabies vaccine (vero cell). The products have the second and the fourth largest market shares in China, respectively.
In addition, Jiangsu Yanshen has received a new medicine certificate from the PRC State Food and Drug Administration for its freeze-dried human-use rabies vaccine (vero cell) and has completed clinical trials of its purified hepatitis A inactivated vaccine (vero cell). GMP certification for the associated new manufacturing facility is pending.
“Vaccines have strong market potential and represent one of China's key emerging industries,” notes Jinsheng Ren, chairman and CEO of Simcere Pharmaceutical. “We are delighted to enter this new market through our investment in Jiangsu Yanshen.”
♦♦♦ Past News from Simcere Simcere Buys 70% Stake in Wuhu Zhong Ren Pharmaceutical for $9.27M (Apr. 22, 2008)