NANJING, China, June 7, 2011 /PRNewswire-Asia/ -- Simcere Pharmaceutical Group ("Simcere" or the "Company") (NYSE: SCR), a leading pharmaceutical company specializing in the development, manufacturing, and marketing of branded and proprietary pharmaceuticals in China, today announced that a settlement agreement with certain former shareholders and directors of Jiangsu Quanyi Biological Technology Stock Co., Ltd. (previously known as Jiangsu Yanshen Biological Technology Stock Co., Ltd) has become effective. The settlement concerns the ongoing arbitration and litigation between Simcere and said former shareholders and directors they appointed. These shareholders include Mengyuan Investment Co., Ltd. According to the agreement, these former shareholders and directors have agreed to return a total of RMB 50 million in share transfer payments to Simcere.
In May 2009, Simcere signed a share transfer agreement with certain former shareholders of Jiangsu Quanyi to buy 37.5% of the shares in Jiangsu Quanyi for a total consideration of RMB 195.54 million. Following quality control issues relating to the production of Jiangsu Quanyi's human use rabies vaccine discovered in December 2009, Simcere started arbitration and litigation procedure against aforesaid former shareholders and directors of Jiangsu Quanyi.
About Simcere Pharmaceutical Group
Simcere Pharmaceutical Group (NYSE:SCR, Simcere) is a leading pharmaceutical company specializing in the development, manufacturing, and marketing of branded generic and proprietary pharmaceuticals in China. In recent years, Simcere has been focusing its strategy on the development of innovative pharmaceuticals and first-to-market generics. The Company has introduced an innovative anti-cancer medication Endu, first-to-market generics such as Bicun and Anxin, and a first-to-market medication Sinofuan. Simcere manufactures and sells drugs in the oncological, cardiovascular, anti-inflammatory and anti-infection therapeutical areas. Simcere concentrates its research and development efforts on the treatment of diseases with high incidence or mortality rates and for which there is a clear demand for more effective pharmacotherapy including cancer and cardiovascular, cerebrovascular, inflammatory and infectious diseases. For more information about Simcere Pharmaceutical Group, please visit www.simcere.com.
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Investor and Media Contacts: Email: ir@simcere.com |
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In Nanjing: Yehong Zhang President Simcere Pharmaceutical Group Tel: 86-25-8556-6666 ext 8811 |
In the United States: Kate Tellier Brunswick Group Tel: 1-212-333-3810 |
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In Beijing: Yue Yu Brunswick Group Tel: 86-10-5960-8600 |
In Hong Kong: Joseph Lo Chi-Lun Brunswick Group Tel: 852-3512-5000 |
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