drugs

The Chinese drugs distributor completes the fourth-biggest equity capital-raising in Asia this year through a private placement, while Shui On Land announces a rights issue of at least $474 million.

United Labs' renminbi-denominated convertible bond comes at attractive terms, but still falls below par.

Takeda agrees to pay $14 billion for Swiss drug company Nycomed in Japan's largest-ever pharma M&A deal.

IPO investors will need to weigh up United Laboratories' strong structural growth potential and generous valuation against a regulated market with plenty of competition and price controls.

Issue marks seventh CB from an Indian pharmaceutical company since December; conversion premiums still high.