Simcere Gains Majority Control of Vaccine Subsidiary

| About: Simcere Pharmaceutical (SCR)

Simcere Pharmaceutical Group (NYSE: SCR), a China company that makes branded generic and proprietary pharmaceuticals, now controls a majority 50.77% of its vaccine subsidiary, Jiangsu Yanshen Biological Technology Stock Co., Ltd. Simcere bought its original 37.5% stake in Jiangsu Yanshen in May 2009.

Thursday, the company announced it has acquired 74.49% of ChinaVax, a Cayman Islands company whose sole asset is a 13.27% stake in Jiangsu Yanshen. Financial details of the new transaction were not disclosed.

Located in Changzhou, Jiangsu Province, Jiangsu Yanshen develops and manufactures vaccines. In mid-September, Jiangsu Yanshen received SFDA approval for its swine flu (H1N1) vaccine. Subsequently, the company received orders for 6.3 million doses of the vaccine from China's Ministry of Industry and Information Technology.

Disclosure: none.

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Tagged: , Drug Manufacturers - Other, China
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