3SBio Announces Pricing Of Initial Public Offering
SHENYANG, China, Feb. 7 -- 3SBio Inc. ("3SBio" or the "Company"), a leading biotechnology company focused on researching, developing, manufacturing and marketing biopharmaceutical products primarily in China, announced today the pricing of its initial public offering of 7,700,000 American Depositary Shares ("ADSs"), each representing seven ordinary shares, at a price to the public of US$16.00 per ADS. 3SBio is selling 7,187,817 ADSs in the offering and 512,183 ADSs are being sold by selling shareholders. The Company expects to receive net proceeds of approximately $102.0 million from the sale of its ADSs and will not receive any proceeds from the sale of ADSs by the selling shareholders. The ADSs are expected to begin trading on February 7, 2007 on The NASDAQ Global Market under the symbol "SSRX."
3SBio and the selling shareholders have granted the underwriters a 30-day option to purchase up to an aggregate of 1,155,000 additional ADSs to cover over-allotments, if any.
The Company intends to utilize the proceeds from the offering for the construction of new facilities, enhancing and upgrading existing facilities, clinical trials, ongoing research and development, expansion of sales efforts, in-licensing products, working capital and other general corporate purposes.
UBS Investment Bank is acting as sole book-running manager. CIBC World Markets and Pacific Growth Equities, LLC are co-managers. A copy of the final prospectus related to this offering may be obtained by contacting UBS Investment Bank, Attn: Prospectus Department, 299 Park Avenue, New York, NY 10171 (212-821-3000).
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About 3SBio Inc.
3SBio Inc. is a leading, fully integrated, profitable biotechnology company focused on researching, developing, manufacturing and marketing biopharmaceutical products, primarily in China.
Safe Harbor Statement
This press release contains forward-looking statements. Forward-looking statements convey the Company's current expectations or forecasts of future events. Forward-looking statements involve known and unknown risks and uncertainties. The Company's actual results could differ materially from those contained in the forward-looking statements due to a number of factors including those listed in the Company's final prospectus under the heading "Risk factors." Unless required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date of this press release.
3SBio Inc.
CONTACT: Clara Mak, CFO, Investor Contact, 3SBio Inc., +86-24-2581-1820;Mahmoud Siddig, Investor Contact, Taylor Rafferty, +1-212-889-4350; JohnDooley, Media Contact, Taylor Rafferty, +1-212-889-4350