US-based drugs company Pfizer is reportedly to make a private investment in public equity (Pipe) in Shanghai Pharmaceuticals’ $2.2bn flotation in Hong Kong on May 20.
Four investors have agreed to back Shanghai Pharmaceuticals with $550m to support its initial public offering. Pfizer and Bank of China will each invest $50m, Singapore state-backed Temasek will buy $300m of shares and Malaysia-based conglomerate Guoco Group the remaining $150m.
Shanghai Pharmaceuticals is China’s largest drug-maker by revenue and plans to sell 664 million shares, Dow Jones Newswires added.