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China-based biotech Newsummit Biopharma files for $80 million US IPO

By Renaissance Capital,  February 25, 2012, 08:12:41 AM EDT

Newsummit Biopharma, which provides drug development services, including assistance in laboratory work and regulatory submissions, registered with the SEC on Friday for an $80 million initial public offering. The Shanghai-based company, which was founded in 2001, booked $45 million in sales for the twelve months ended June 30, 2011. For the first half of 2011, sales were up 170% to $24 million, and net income swung positive to $78,000. Venture capital firm Sequoia Capital owns 25% of shares prior to the offering. Newsummit Biopharma plans to list on the New York Stock Exchange under the symbol NSB. Oppenheimer and Cowen are the lead underwriters on the deal.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, IPOs

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