Zhongsheng Pharmaceutical (002317.SZ) announced on late Monday that it will issue less than about 88.03 million shares via private placement at a price of no more than 11.36 yuan/tonne to raise maximum 1 billion yuan.
Of the 1 billion yuan, 600 million yuan will be used to buy stakes in the Guangdong Xianqiang Pharmaceutical Corp, which will help the listed company to gain new profit increase points.
200 million yuan will be used to develop the project of the small molecule chemical innovative drugs, and the remaining 200 million yuan will be used to replenish its working capital, according to a filing to the stock exchange.
The project of the small molecule chemical innovative drugs focuses mainly on the medicine for the ophthalmology, tumour, cardiovascular and diabetes, which will help it consolidate advantages, said the Zhongsheng Pharmaceutical.
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