Taikang and WuXi-backed CStone Pharmaceuticals has priced its shares near the middle of its proposed range to raise $285m in proceeds at a valuation of $1.5bn.

CStone Pharmaceuticals, a China-based biopharmaceutical company backed by insurance provider Taikang and pharmaceutical research firm WuXi PharmaTech, yesterday priced its initial public offering and raised HK$2.2bn ($285m). CStone has achieved a valuation of $1.5bn after selling 18.6 million shares to Hong Kong-based investors and more than 167 million shares to international backers at $1.50, at…

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