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Simcere Pharmaceutical Group has agreed to sell its stake in Shanghai Celgen Bio-Pharmaceutical Co. Ltd. for about 302 million yuan ($48.1 million).

The Chinese drug developer said it entered into a share transfer agreement with Devont Asset Management Ltd. on Jan. 15 to sell its roughly 35 percent equity interest in Shanghai, which it acquired in 2009.

After the deal is completed, Simcere will no longer hold an equity interest in the company.

Simcere makes and sells pharmaceuticals in China, and focuses on the treatment of diseases that have high incidence or mortality rates like cancer, strokes or cardiovascular diseases.

Date: January 22, 2013
Source: Associated Press

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