Reckitt Benckiser Joins China Drugs IPO

The $2 billion initial public offering launched last week in Hong Kong by Chinese state-backed China Resources Pharmaceutical, the country’s second-largest drugmaker, attracted support from UK-based Reckitt Benckiser, Japan’s Fujifilm and Anbang Investments, one of the largest insurance groups in China. The company, which manufactures and distributes drugs in the People’s Republic, has a portfolio that includes well-known brands and annual sales of around $19 billion, placing it almost on a par with top-level global players such as Bristol-Myers Squibb and Japan’s Takeda. The shares were offered at between HK$8.45 and HK$10.15 apiece.

Altogether, reports said, cornerstone investors have signed up to take $916 million of the offering, worth as much as 54%, thereby agreeing a six-month lock-up on their holding in return for large allocations. Fujifilm has signed up to take shares worth $105 million, with Reckitt Benckiser and Anbang Investment Holding signing up to take $50 million each. Banks leading the sale were Bank of America Merrill Lynch and China Construction. The shares were due to begin trading on Oct. 20.


Register now!

The latest information directly via newsletter.

To prevent automated spam submissions leave this field empty.