SciClone Buys China-Based NovaMed

4/19/11

SciClone Pharmaceuticals (NASDAQ: SCLN), the Foster City, CA-based specialty pharmaceutical company, said today it has acquired China-based NovaMed Pharmaceuticals. SciClone agreed to pay as much as $105 million, by providing about $24.7 million in upfront cash, offering 8.3 million shares of stock worth $37 million at yesterday’s close, and making NovaMed eligible for cash milestones worth as much as $43 million. SciClone CEO Friedhelm Blobel said the deal will “dramatically expand” his company’s presence in China.

By posting a comment, you agree to our terms and conditions.