3SBio deal

3SBio said its board approved a proposal to go private from CEO and Chairman Jing Lou and CPEChina Fund L.P. for $2.20 per share in cash, or $15.40 per ADS. The price values 3SBio at about $340 million, based on about 154.6 million shares outstanding at Sept. 30, 2012. The price is a 32.9% premium to 3SBio's close of $11.59 on Sept. 11, 2012, before the parties' original offer was made public. The original proposal offered to acquire the Chinese biotech for $15 per ADS in cash. Collectively, Lou and CPEChina Fund own about 18.1% of 3SBio. The deal is expected to close next quarter, subject to approval by shareholders representing two-thirds or more of the company's shares (see BioCentury, Sept. 17, 2012). ...