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Hong Kong (AFP) May 3, 2011 Shanghai Pharmaceuticals, one of China's biggest drugmakers, plans to raise as much as $2.2 billion in an initial public offering ahead of its market listing in Hong Kong this month. The company will sell 664 million shares in a price range of HK$21.80-HK$26.00 ($2.81-$3.35) per share ahead of its May 20 listing, Dow Jones Newswires reported, citing unnamed people familiar with the situation. The drugmaker has confirmed four so-called cornerstone investors -- including Singapore's state investment firm Temasek and pharmaceutical giant Pfizer -- to buy a total of $550 million worth of its shares. Hong Kong-based investment firm Guoco Group and Bank of China Investment are the other two cornerstone investors, Dow Jones said. Since last year, the Chinese drug firm has acquired, or signed agreements to acquire, at least nine companies to boost its drug distribution business in the country's fragmented pharmaceutical sector, state press has reported.
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