Neostem (NBS +1.6%) agrees to sell 51% of its interest in Suzhou Erye Pharmaceutical, a...

|By:, SA News Editor

Neostem (NBS +1.6%) agrees to sell 51% of its interest in Suzhou Erye Pharmaceutical, a China-based generic pharmaceutical company, for $12.3M in cash. Included in the agreement is the the return to the company of 1.04M shares of common stock and the cancellation of 1.17M options and 640K common stock warrants, which collectively represent 1.3% of NBS' outstanding shares.