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Simcere Pharmaceutical eyes return to public market with Hong Kong IPO

Chinese drugmaker Simcere Pharmaceutical Group filed to list on the Hong Kong Stock Exchange.

The Nanjing, China-based company has nearly 50 experimental therapies in its drug pipeline, which target diseases such as cancer and autoimmune, cardiovascular and central nervous system disorders.

Proceeds from the offering will be used to boost research and development as well as marketing capabilities. Proceeds will also be used potentially to make investments in other companies.

The company previously listed on the New York Stock Exchange in April 2007 but went private in December 2013.

Morgan Stanley Asia Ltd. and China International Capital Corp. Hong Kong Securities Ltd. are joint sponsors of the Hong Kong offering. Financial details of the offering were not disclosed.

Simcere Pharmaceutical generated revenue of about 5.04 billion yuan and profit of approximately 1 billion yuan in 2019, according to its filing.

As of June 10, US$1 was equivalent to 7.06 Chinese yuan.