Sinopharm Raises $716 Million In Secondary Offering

Sinopharm Group (HK: 1099), China's largest drug distribution company, raised $716 million through a secondary issue to a "handful" of institutional investors, who purchased 199 million new shares (see story). The issue increases Sinopharm's outstanding shares by 7.74%. The company said the new capital will help Sinopharm expand its network (it did not specify whether the growth would come from internal growth or through M&A) and to replenish liquidity after its already completed growth initiatives.

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