simcere-breaks-negative-trend-for-chinese-listings-in-the-us

Simcere breaks negative trend for Chinese listings in the US

The pharmaceutical company trades up 5.5% after pricing its $226.5 million IPO at the top of the range.
Simcere Pharmaceutical Group has broken the recent trend of a negative first day performance for Chinese companies listing in the US, rising 5.5% on its New York Stock Exchange trading debut on Friday.

The company, which manufactures and distributes mainly branded generic pharmaceuticals but has also made a move into innovative drugs, received a good response to its initial public offering, allowing it to fix the price at the top of the $12.50 to $14.50 range.

This resulted in a total deal size of $226.6 million, which ranks Simcere as the largest Chinese pharmaceutical sector IPO û in any market. Goldman Sachs was sole bookrunner for the offering, which also saw a number of...
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