Tuesday, April 19, 2011

SciClone buys U.S.-backed Chinese drug company

SciClone Pharmaceuticals Inc. bought NovaMed Pharmaceuticals Inc., a Chinese specialty pharmaceutical company backed by American venture capital firm Atlas Ventures, in a cash and stock deal worth up to nearly $105 million.
SciClone (NASDAQ: SCLN), basedin Foster City, said the combined revenue of the company in 2011 would be $140 million to $145 million.
SciClone CEO Freidhelm Blobel told the San Francisco Business Times last year that his company would seek out deals in China, where it already sells its hepatitis B and hepatitis C treatment, Zadaxin.

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