Sagent Pharmaceuticals, a US-based drug company backed by investment bank Morgan Stanley, raised $92m in its Nasdaq flotation after pricing at the top of its expected range.
It sold 5.75 million shares at $16 each, compared to plans to price five million shares at between $14 and $16 per share.
Morgan Stanley co-led 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.
Sagent had raised more than $150m from its private investors, according to news provider Fortune.