China's Simcere Pharmaceutical Group set the terms of its pending initial public offering at 15.6 million American Depositary Shares, with an estimated price range between $12.50 to $14.50 each. The generic-pharmaceutical company will offer 12.5 million ADSs, and the selling shareholders will offer 3.1 million ADSs, each of which represents two ordinary shares of the company, according to an amended prospectus filed Thursday with the U.S. Securities and Exchange Commission.

Goldman Sachs (Asia) LLC, CIBC World Markets, Piper Jaffray and First Shanghai Securities are listed as underwriters for the offering.

The company said it has been approved to list its ADSs on the New York Stock Exchange, under the symbol SCR.

Simcere said it plans to use about $52 million from the IPO net proceeds to fund research and development, about $30 million to repay short-term bank borrowings, about $14 million to fund production facilities, and about $13 million to expand its marketing force.

Source:佚名