Hansoh grabs $1B windfall in the latest China pharma IPO to hit the Hong Kong exchange
China’s fast-growing pharma powerhouse Hansoh Pharmaceutical has raised a billion dollars in the latest IPO to hit the Hong Kong exchange. And the green shoe could push that up to $1.15 billion, according to the Financial Times.
The financial news group reported that Hansoh hit the top of its range, selling 551 million shares at $1.82 each. Roughly half of that windfall will go to R&D, with the other half earmarked for their manufacturing, sales and marketing organization.
The company is run by founder Huijuan Zhong, booking around $1.15 billion in revenue for 2018. Much of that cash came from sales of generic olanzapine as well as their knockoff of pemetrexed, a chemotherapy.