Tongjitang Chinese Medicines, a pharmaceutical company focused on modernized traditional Chinese medicine, priced its shares at $10.00 Thursday evening. 9.9 million shares were sold, including 1.5 million from selling shareholders. The range was initially anticipated to be $15-$17, but was lowered to $12-$14 on Thursday; the $10 price is 23% below the midpoint of Thursday's updated range. Merrill Lynch and UBS were the lead underwriters on the deal. The stock is expected to begin trading on the NYSE under the ticker "TCM" on Friday.
