Simcere Pharmaceutical Group (NYSE: SCR) has received a buyout offer from the chairman of its board of directors for about $500 million.

The offer works out to $9.56 per American Depository Share and $4.78 per ordinary share in cash. The company's shares closed at $7.96 before the deal was announced, and were trading at around $9.15 the morning the transaction was disclosed.

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