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Hony Capital-backed consortium agrees $495m Simcere take-private deal

29 Aug 2013

lab glass biotech pharma chemicalChinese private equity firm Hony Capital is part of a consortium which has agreed a $495m take-private deal for Simcere Pharmaceutical Group.

The $9.66 per American Depository Share offer represents a premium of 21.4 per cent on the company’s closing price on March 8, the last trading day before the initial offer was made.

Hony’s consortium, which is led by Simcere founder Jinsheng Ren, already owned about three-quarters of the business ahead of the deal.

It also includes investment firms New Good Management and Assure Ahead Investments.

NYSE-listed Simcere specialises in the development, manufacturing, and marketing of branded and proprietary pharmaceuticals in China.

Last year Beijing-based Hony, the private equity arm of Legend Holdings, raised nearly $4bn from LPs for two separate investment funds.

The Chinese firm collected nearly $2.4bn for its fifth dollar-denominated fund and RMB10bn ($1.58bn) for its second renminbi-denominated investment vehicle

Both funds were more than double the size of their respective predecessors.

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