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NeoStem Divests its 51% Stake in Suzhou Erye Pharma

publication date: Jun 19, 2012
NeoStem will divest its 51% interest in its China subsidiary, Suzhou Erye Pharmaceutical, for $12.3 million in cash, selling it to the owners of the remaining 49% of the business. It will also cancel some of the shares and warrants it issued to acquire Erye Pharma in 2009. NeoStem will realize a loss of between $18 million and $22 million on the transaction. According to NeoStem, China’s clampdown on antibiotic use and price controls on generic antibiotics made the acquisition less profitable than it projected at the time of the original transaction. More details....

Stock Symbol: (NYSE: NBS)

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