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Financials

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

HONG KONG, Oct 18 (Reuters) - Shanghai Pharmaceuticals Holding Co Ltd 601607.SS, the Chinese partner of Roche Holding AG ROG.VX, plans to raise $1.2 billion to $1.5 billion in a Hong Kong IPO in the second quarter of 2011, sources close to the deal said.

Shanghai Pharmaceuticals, China's second-biggest drug company by revenue, has appointed China International Capital (CICC), Credit Suisse CSGN.VX, Deutsche Bank DBKGn.DE and Goldman Sachs GS.N 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.

(US$1=HK$7.75)

Reporting by Kennix Chim; Editing by Ken Wills

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