SciClone Announces Merger; Consortium To Acquire SciClone For $11.18/shr

(RTTNews) - SciClone Pharmaceuticals, Inc. (SCLN) and a consortium consisting of entities affiliated with GL Capital Management GP Limited, Bank of China Group Investment Limited, CDH Investments, Ascendent Capital Partners and Boying announced a definitive merger agreement under which the buyer consortium will acquire all the outstanding shares of SciClone for $11.18 per share in cash. The transaction which values the company at approximately $605 million, is expected to close during the current calendar year.

Jon Saxe, Chairman of Board, said: "The Board has determined that the challenges of continuing to operate as an independent US-based, publicly traded company in the complex, competitive and increasingly price-sensitive China pharmaceuticals market represent long-term risks to the company's ability to maintain a strong growth trajectory and to meet its financial objectives."