Tuesday, January 23, 2007

Chinese biotech firm 3SBio files for U.S. IPO

I don't normally post about the financial side of the industry, but this one caught my eye...

WASHINGTON, Jan 19 (Reuters) - Chinese biotechnology firm 3SBio Inc. said on Friday it is seeking an initial public offering of 7.7 million American depositary shares (ADS) for between $12 and $14 per ADS.

The company plans to sell almost 7.2 million ADSs and selling shareholders will offer more than 500,000 ADSs, according to a preliminary offering document filed with the U.S. Securities and Exchange Commission.

Each ADS represents seven common shares for a total offering of 53.9 million common shares.

The company will not receive proceeds from ADSs sold by the selling shareholders.
The company expects to use net proceeds from the offering for general corporate purposes, including funding clinical trials, research and development. The company may also expand manufacturing facilities and its sales and marketing network.

The company researches, develops, manufactures and markets products primarily in China. One of its principal products is EPIAO, an injectable medication used to stimulate the production of red blood cells in patients, according to the filing.

link to full article

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