China's Simcere Pharmaceutical prices 15.6 million ADSs at top of range

Simcere Pharmaceutical, a manufacturer of branded generic pharmaceuticals in China, priced its IPO Thursday evening. The offering consists of 15.6 million ADSs, including 3.1 million from selling shareholders, at a price of $14.50 per ADS, the top of the proposed $12.50 to $14.50 range. Each ADS will represent two ordinary shares. The ADSs are expected to begin trading on the NYSE under the ticker "SCR" Friday. Goldman Sachs was the bookrunner on the deal.