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China Resources Pharma Said to Raise $1.8 Billion From IPO

  • Drugmaker prices first-time share sale below midpoint of range
  • State-backed firm completes biggest pharma IPO since 2013
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China Resources Pharmaceutical Group Ltd. raised $1.8 billion after pricing its Hong Kong initial public offering below the midpoint of a marketed range, according to people familiar with the matter.

The nation’s second-largest drugmaker priced its sale of 1.543 billion shares at HK$9.10 apiece, the people said, asking not to be identified as the information is private. State-backed China Resources Pharmaceutical offered the shares at HK$8.45 to HK$10.15 each, according to terms for the deal obtained by Bloomberg last week.