3SBio completes take-private deal

The Chinese biotech firm is quitting Nasdaq for a possible listing in Hong Kong.
Lou Jing, 3SBio's chief executive
Lou Jing, 3SBio's chief executive

Citic Private Equity and the chief executive of Nasdaq-listed 3SBio, a Chinese biotech firm, have completed a take-private deal that values the company at $370 million and paves the way for an offering in Hong Kong.

Under the terms of the merger agreement, holders of the company's ordinary shares and American depositary shares each representing seven shares will receive $2.39 a share or $16.70 per ADS.

That gives shareholders a 44% premium over 3SBio’s share price in September, before the original proposal, and 10% over the closing price in mid-April, when the revised offer was made.

The deal is the latest in a...

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