Simcere Pharmaceutical Group, the Nanjing-based generic pharmaceutical maker, is relying on Brunswick Group for PR counsel and representation in the U.S. and China as it becomes the latest Chinese company to pull out of a U.S. stock listing.
Simcere's founder Jinsheng Ren and CEO Hongquan Lui are leading a private equity-backed group in China to take the NASDAQ-traded company private in a $495M deal. The buyout group, which held nearly 78% of the company, will pay a more than 20% premium on Simcere's March U.S. share price of just under $8.
The deal, recommended by a special committee of the company's board, which approved the move, is expected to close at the end of 2013.
Brunswick's New York and Beijing office handle Simcere.
Reuters noted the Simcere deal follows a term where U.S. investigations into accounting practices at some Chinese firms have made it difficult for such companies to raise capital here.
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