Bristol Myers Squibb is selling its majority stake in the Sino-American Shanghai Squibb Pharmaceuticals Limited joint venture, which was the first US pharmaceutical joint venture established in China. The book value of its 60% equity stake was about $240 million, based on calculations using Shanghai Pharmaceuticals’ interim financial report as of June 30. Shanghai Pharmaceuticals owns 30% of the joint venture, and its equity stake was $120 million USD (853,762,000 RMB), according to the report. Bristol Myers declined to share the amount of the sale. Bristol Myers sold its stake to Hillhouse Investment Group, an Asia investment firm that started in 2005, according to a source familiar with the deal.
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Source: https://endpoints.news/bristol-myers-to-sell-60-stake-in-china-us-joint-venture/