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