Sagent Pharma to buy remaining 50% stake in Chinese JV for $25 million
US specialty pharmaceutical company Sagent Pharmaceuticals (Nasdaq: SGNT) has entered into an agreement to acquire the 50% interest of its joint venture partner, Chengdu Kanghong Pharmaceuticals (Group), formerly Chengdu Kanghong Technology (Group) in the Kanghong Sagent (Chengdu) Pharmaceutical (KSCP) joint venture, for $25 million, payable in installments through September 2015. On completion of the acquisition, which is expected in the next several months, KSCP will become a wholly-owned subsidiary of Sagent.
"We originally formed our joint venture in 2006 to construct and operate an FDA [Food and Drug Administration] and current Good Manufacturing Practices compliant, sterile manufacturing facility in Chengdu, China," said Jeffrey Yordon, chief executive and chairman of Sagent.
Having full control now better serves Sagent’s strategic goals
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