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Simcere Pharmaceutical Sells Interest in Boda

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Simcere Pharmaceutical Group (NYSE: SCR) today announced that it entered into a share transfer agreement with Zhuhai Rongding Equity Investment Partnership L.P. on June 17, 2013 to sell Simcere's approximately 99.99% equity interest in Jilin Boda pharmaceutical Co., Ltd. ("Boda"), which is currently the manufacturer of Yidasheng, for a cash consideration of RMB400 million.

Simcere holds an approximately 99.99% stake in Boda through acquisitions made since 2007. Upon completion of this transaction, Simcere will no longer hold any equity interest in Boda. Consummation of the transaction is subject to certain closing conditions. 

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