China Resources Pharma Raises $1.8 Billion from IPO

Oct 24, 2016

Bloomberg

China Resources Pharmaceutical Group Ltd. raised $1.8 billion after pricing its initial public offering below the midpoint of a marketed range, according to a Bloomberg article.

The nation’s second-largest drug manufacturer is completing the biggest drugmaker IPO globally since 2013, when Zoetis Inc. priced a $2.6 billion U.S. offering, according Bloomberg data.

Backed by the state-owned conglomerate China Resources Holdings Co., the company manufactures Western pharmaceuticals, traditional Chinese medicine preparations and health supplements.

Read the Bloomberg story