May. 18, 2012 (China Knowledge) - China National Biotech Group (CNBG), a unit of state-owned China National Pharmaceutical Group Corp or Sinopharm, plans to raise between RMB 8.31 billion and RMB 9.98 billion through an initial public offering on the Hong Kong Stock Exchange
, sources reported.
CNBG, China’s largest biotech company and the world’s fourth largest maker of vaccines, plans to use proceeds from the deal to fund the construction of production bases, potential acquisitions, research and development, and to replenish its working capital.
Media reports said late last year that the company is expected to launch the IPO in the first half of this year.
The company owns six institutes located in major Chinese cities and makes more than 200 drugs, vaccines and diagnostics. In 2010, the firm booked RMB 722 million in profit and RMB 5 billion in revenue.