Fosun Pharma Raises $512 Million in Offering at Bottom of Range

Shanghai Fosun Pharmaceutical Group Co. (2196), a Chinese maker and distributor of drugs, raised $512 million in a share sale in Hong Kong after selling shares at the low end of a marketed range.

Fosun Pharma (600196), listed in Shanghai, sold about 336.1 million shares at HK$11.80 apiece, according to a term sheet obtained by Bloomberg News. The shares were originally offered at as much as HK$13.68 each, according to a prospectus.

The final price is at about an 8.5 percent discount to Fosun Pharma’s close of 10.39 yuan in Shanghai yesterday. The Hong Kong sale price would value the company at 12 times its estimated 2013 earnings, according to people with knowledge of the matter.

Shanghai Pharmaceuticals Holding Co., the second-biggest drug distributor in China, trades at 14.5 times the average estimate for next year’s profit among analysts surveyed by Bloomberg.

China International Capital Corp., Deutsche Bank AG, JPMorgan Chase & Co. and UBS AG managed the sale, terms show.

To contact the reporter on this story: Fox Hu in Hong Kong at fhu7@bloomberg.net

To contact the editor responsible for this story: Philip Lagerkranser at lagerkranser@bloomberg.net

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