UPDATE 1-3SBio IPO raises $123.2 mln, above range
(Adds background details)
NEW YORK, Feb 6 (Reuters) - Chinese biotechnology firm 3SBio Inc. on Tuesday raised $123.2 million with an initial public offering that was priced above range.
The 7.7 million American depositary share (ADS) offering sold for $16 per share compared with a $12 to $14 forecast range, according to an underwriter.
Each ADS represents seven common shares.
Underwriters, including UBS Investment Bank, CIBC World Markets and Pacific Growth Equities, have the option to purchase an additional 1.16 million ADS to cover over-allotments, according to the filing.
The company applied to list shares on the Nasdaq under the symbol "SSRX." (SSRX.O).
The company sold almost 7.2 million ADSs while selling shareholders offered about 500,000 ADSs, according to a preliminary offering document filed with the U.S. Securities and Exchange Commission.
3SBio plans to use net proceeds from the offering, which represents a 36 percent stake in the company, for general corporate purposes, including funding of clinical trials, research and development.
The company will not receive proceeds from ADSs sold by the selling shareholders.
China-based 3SBio sells EPIAO, an injectable medication used to stimulate red blood cell production in patients, according to the filing. (Additional reporting by Yung Kim)
