Sinopharm to raise $727.8M

The Sinopharm Group Co. Ltd. (Hong Kong:01099) subsidiary of China National Pharmaceutical Group Corp. (Sinopharm) said it will raise HK$5.6 billion ($727.8 million) through the sale of 198.8 million shares at HK$28.40 in a follow-on. The price represents a 7.5% discount to the healthcare conglomerate's Nov. 21 closing price of HK$30.70. CICC; Morgan Stanley; and UBS are placement agents.

The proceeds will be used to expand the company's pharmaceutical distribution and retail network. ...