China Nuokang Bio-Pharmaceutical, a company focused on hematological and cardiovascular drugs, has filed an IPO and will offer 4.5 million American Depositary Shares on the Nasdaq exchange at a price between $10 and $12.
In its SEC filing announcing the planned IPO, Nuokang points out that it will likely benefit from the healthcare reform proposal the Chinese government outlined earlier this year. The proposal will involve an expenditure of approximately $124.5 billion--roughly 3 percent of the country's GDP--from 2009 to 2011.
"We believe we will likely benefit from the PRC government's aim to (1) extend basic medical insurance coverage and increase insurance subsidies; (2) improve the quality and reliability of patient care; and (3) promote early diagnosis of diseases," the company says in its filing.
Nuokang sells a portfolio of 14 products, including Baquting, its flagship bleeding control product, Aiduo, a cardiovascular stress imaging agent, and Aiwen, its anti-arrhythmic agent. The company's pipeline includes four product candidates that address bleeding control and hematological, cardiovascular and cerebrovascular disease diagnosis, treatment and prevention.
Although it seems to offer a diverse portfolio, 94 percent of the company's revenue in the first nine months of the year came from its clotting agent, Baquting, according to Seeking Alpha. Nuokang launched the drug in 2001, and it now commands a 38 percent share of its market.
- read the company's SEC filing
- check out the Seeking Alpha article