BEIJING, Dec. 9, 2009 (GLOBE NEWSWIRE) -- China Nuokang Bio-Pharmaceutical Inc. (Nasdaq:NKBP) ("Nuokang" or the "Company"), a leading China-based biopharmaceutical company focused on the research, development, manufacture, marketing and sales of hematological and cardiovascular products, announced today that its initial public offering of 5,000,000 American Depositary Shares ("ADSs"), each representing eight ordinary shares of the Company, was priced at $9.00 per ADS. Net proceeds from the sale of the ADSs are approximately $32.9 million. The ADSs are expected to begin trading on the NASDAQ Global Market on December 10, 2009 under the symbol "NKBP."
Of the 5,000,000 ADSs being offered, 4,526,979 ADSs are offered by the Company, and 473,021 ADSs are offered by the selling shareholders. A selling shareholder has granted the underwriters a 30-day option to purchase up to an additional 750,000 ADSs to cover over-allotments, if any.
The Company intends to use the net proceeds from this offering to fund the expansion of its sales and marketing platform, the acquisition and in-licensing of new technologies, products or companies, the research and development of its product candidates, the expansion and enhancement of its manufacturing facilities and for general corporate purposes.
Jefferies & Company acted as the sole bookrunner and Oppenheimer & Co. acted as co-manager for the offering.
Nuokang's registration statement relating to these securities has been declared effective by the United States Securities and Exchange Commission. This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The offering of the securities is made only by means of a prospectus forming a part of the registration statement. A copy of the prospectus relating to the offering may be obtained from Jefferies & Company, Attention: Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, telephone: (888) 449-2342 or Oppenheimer & Co., Attention: Prospectus Department, 300 Madison Avenue, 5th Floor, New York, NY 10017, by telephone at (212) 667-8563.
About China Nuokang Bio-Pharmaceutical Inc.
China Nuokang Bio-Pharmaceutical Inc. (Nasdaq:NKBP) is a leading biopharmaceutical company in China focused on the research, development, manufacture, marketing and sales of hematological and cardiovascular products. The Company provides a diversified portfolio of products across more than 2,400 hospitals in China. Nuokang's principal products include Baquting(R), China's leading hemocoagulase product by market share, and Aiduo(R), a cardiovascular stress imaging agent. The Company's product pipeline includes product candidates under development in hematological, cardiovascular and cerebrovascular disease diagnosis, treatment and prevention. Please visit www.nkbp.com or www.lnnk.com for more information.