InnoCare to Buy Remaining Stake in Life Sciences Subsidiary for 476 Million Yuan; Shares Down 9%

MT Newswires Live

08/20

InnoCare Pharma (SHA:688428, HKG:9969) plans to acquire the remaining 7% stake it does not yet hold in its subsidiary, Guangzhou InnoCare Pharma Technology, for up to 476.3 million yuan, according to a Shanghai bourse disclosure on Wednesday.

The stake of the life sciences company will be bought from Guangzhou High-tech Zone Technology Holding Group.

The pharmaceutical company will fully own Guangzhou InnoCare after the completion of the transaction.

InnoCare's Shanghai shares dropped less than 9%, and Hong Kong shares slumped over 8% during midday trade.

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