Healthcare Business

3SBio IPO: Chinese Biotech Success

3SBio Inc. (SSRX-NASDAQ) opened at a premium to its pricing out of the chute today.  The company priced 7.7 million ADR shares at $16.00, and the first print was $17.50.  The original range was $12.00 to $14.00 set last month, so this one may be greeted with some less optimism from IPO traders looking for undervalued and unknown stocks.

SSRX is a Chinese biotechnology company focused on researching, developing, manufacturing and marketing biopharmaceutical products primarily in China; main focal areas are anemia and platelet count.   Underwriters were UBS as the sole book-runner and CIBC World markets and Pacific Growth Equities listed as co-managers.  This $275 million implied market cap at the original terms is now closer to $370 million after the premium open. Jon C. Ogg, February 7, 2007