The Week in Review: China National Biotech Group Schedules $2 Billion IPO in Hong Kong
Published: Nov 14, 2011
November 12, 2011 -- China National Biotechnology Group (CNBG) will raise as much as $2 billion in a Hong Kong IPO in early 2012; WuXi PharmaTech formed a $50 million corporate venture fund; China Resources Medications Group announced a $158 million pharmaceutical JV with Pientzehuang Pharma; Kunming Pharma will raise $110 million in a secondary offering to increase capacity; Yabao Pharma completed a $74 million private placement; Fosun Pharma paid $30 million for a 6.5% stake in Simcere Pharma; Sinovac Biotech announced positive top-line results from a Phase II trial of its vaccine for hand, foot and mouth disease; Jennerex and Lee’s Pharma released positive data from their novel treatment for liver cancer; Sanofi reported its China Q3 revenues climbed 47% to $370 million; and Jianwen Wu, the former head of Shanghai Pharmaceutical Group, received a death sentence for accepting bribes. More details….
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