China Distributor Consolidation Heats Up: Sinopharm Looks To Raise $440 Million Ahead Of Shanghai Pharma IPO

SHANGHAI - China's largest drug distributor Sinopharm Group Co. Ltd. April 25 placed a secondary offering of roughly 138 million H shares in Hong Kong looking to raise HK$3.4 billion ($440 million) to fund more acquisitions. The move comes just ahead of the initial public offering in Hong Kong of Sinopharm's biggest competitor Shanghai Pharmaceutical Holdings Co. Ltd, and will add more heat to the consolidation war in China's distribution sector