China Biotech Week in Review: IPO, Deals and Trials
ChinaBio Today submits:
Shenzhen Hepalink Pharmaceutical Co., Ltd. staged its IPO on the Shenzhen exchange, raising 5.9 billion RMB ($868 million) (see story). The IPO price of 148 RMB ($21.62) set a record as the highest IPO price in China’s A-share market. Hepalink is the world’s largest producer of heparin, a blood thinner that is harvested from pigs’ intestines.
In open market trading, Hepalink gained as much as 27% from its IPO price in its first trading session, hitting a high of 188 RMB ($27.65) (see story). The IPO was priced at an already expensive 72 times its 2009 earnings. Li Li and Li Tan, the founders of Hepalink, own 72% of the company, a stake that is now worth $7.6 billion, making them the richest couple in China.