Companies

Shanghai Pharma taps banks for $1.5b HK IPO -sources

(Agencies)
Updated: 2010-10-18 17:36

Shanghai Pharmaceuticals Holding Co Ltd, the Chinese partner of Roche Holding AG, plans to raise $1.2 billion to $1.5 billion in a Hong Kong IPO in the second quarter of 2011, Reuters reported Monday, citing sources close to the deal.

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Shanghai Pharmaceuticals, China's second-biggest drug company by revenue, has appointed China International Capital (CICC),Credit Suisse, Deutsche Bank and Goldman Sachs to handle its IPO, the sources said.

The company, already listed in Shanghai, said in September that it will sell up to a 25 percent stake in the offering, and plans to use most of the proceeds to acquire rival companies and sales networks at home and abroad.