Simcere Pharmaceutical Group
Simcere acquires 70% in Wuhu Zhong Ren Pharma
Simcere Pharmaceutical Group, a leading manufacturer and supplier of branded generic pharmaceuticals and manufacturer of the patented anti-cancer biotech product Endu in China, has signed a definitive agreement to acquire a 70% equity interest in Wuhu Zhong Ren Pharmaceutical for a total cash consideration of RMB 64.82 million ($9.26 million). This transaction is consistent with Simcere's strategy to focus on first-to-market and innovative new drugs and expand its anti-cancer product portfolio.
Zhong Ren Pharmaceutical is a Chinese drug manufacturer specializing in the production of sustained release anti-tumor implants. Its key product SinoFuan (fluorouracil implant), is proven to effectively inhibit the growth of tumors, and is the only sustained release anti-tumor implant approved by the State Food and Drug Administration (SFDA).
SinoFuan is commonly used to treat cancers of the digestive tract and is a favored choice for use during surgery. No similar product exists on the Chinese market today. The distribution of SinoFuan through Simcere's established marketing channels will enhance Simcere's offerings in the anti-cancer drug market, benefit cancer patients across China and create greater value for Simcere shareholders.