Chinese biopharma China Nuokang drops in debut

AP News
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Posted: Dec 10, 2009 4:53 PM

Shares of China Nuokang Bio-Pharmaceutical Inc. fell nearly 4 percent in their trading debut Thursday after pricing at $9 per American depositary share, below their expected range.

The China-based biopharmaceutical company, which specializes in blood and cardiovascular treatments, had expected the initial public offering of 5 million ADSs to price between $10 and $12.

The company said net proceeds from the offering totaled about $32.9 million. The company plans to use the funds to grow its sales and marketing platform, for new acquisitions, for research and to expand manufacturing facilities.

Shares, which trade under the symbol "NKBP" on the Nasdaq, fell 33 cents, or 3.7 percent, to close at $8.67 with about 2.3 million shares changing hands during the session.