Simcere Pharmaceuticals holder to sell 9.3 percent stake
NEW YORK—Chinese generic drug developer Simcere Pharmaceutical Group said Monday a major shareholder has agreed to sell a 9.3 percent stake in the company in a private transaction.
New Good Management Ltd. agreed to sell 11.8 million ordinary Simcere shares, representing a 9.3 percent stake, to King View Development International Ltd.
New Good Management is a Virgin Islands-based company owned in part by certain senior management of Simcere.
The deal is expected to close by mid-May, subject to certain closing conditions. Upon closing of the transaction, New Good Management will maintain a 39.6 percent stake in Simcere.
Simcere shares gained 8 cents to $12.44 in morning trading.
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