Thursday, August 6, 2015

Old Simcere (China) JV Returned To JV Partner In Q2 2015: Merck's Just Filed SEC Form 10-Q

This is a rather smallish item, but as I review the SEC Form 10-Q just filed this evening, I thought I'd note it (so I don't forget it!) -- since we've covered the Simcere JV for five years. [Previous backgrounder here. Earlier stuff here.]

The JV will no longer be included in Kenilworth's consolidated results -- and a tiny charge was taken on the divestiture, per page 48 of the SEC filing:

. . . .In March 2015, Merck and Simcere Pharmaceutical Group (“Simcere”) executed a restructuring agreement in which Merck agreed to transfer its 51% ownership interest in the Simcere MSD Shanghai Pharmaceutical Co., Ltd. joint venture to Simcere. As a result, Merck deconsolidated the joint venture and recorded a net loss of $7 million in Other (income) expense, net in the first six months of 2015. . . .

Onward. . . .

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