Sagent Pharmaceuticals, a US-based drug company backed by investment bank Morgan Stanley, plans to raise $100m in its Nasdaq flotation. Morgan Stanley will co-lead the initial public offering (IPO) alongside peers BoA Merrill Lynch and Jefferies.
Morgan Stanley owns 20.8% of Sagent, while in February China-based Zhejiang Hisun Pharmaceutical agreed to buy 4.5%, although this was not disclosed in Sagent’s regulatory filing as a potential shareholder.
Sagent’s other main investors are venture capital firms Vivo Ventures (43.4% pre-IPO stake), Key Gate Investments managed by China Renaissance Capital Investment (16%) and CNF Investments (5.4%) on behalf of Clark Enterprises.