Sinotherapeutics Inc., a Shanghai-based generic drug developer, is set to make an initial public offering (IPO) of 45.34 million shares on Shanghai’s Sci-Tech Innovation Board (STAR). The proceeds, amounting to RMB600 million (USD88.8 million), will be used for the construction of a preparation production complex and related supporting facilities, high-end generic drugs and modified drug R&D projects, and supplementary working capital.
Company Background
Founded in 2012, Sinotherapeutics has achieved significant milestones, including four Abbreviated New Drug Applications (ANDAs) such as posaconazole enteric-coated tablets (the first generic in the US), bupropion hydrochloride sustained-release tablets, propafenone hydrochloride sustained-release capsules, and paroxetine hydrochloride enteric-coated sustained-release tablets. The company has also obtained approvals for posaconazole enteric-coated tablets (the first generic in China), bupropion hydrochloride extended-release tablets, paroxetine hydrochloride enteric-coated extended-release tablets, and ursodeoxycholic acid capsules.
Financial Performance
Sinotherapeutics’ flagship product, posaconazole enteric-coated tablets, generated RMB232 million (USD34.3 million) in sales in 2021, accounting for 73.52% of total revenues. In 2021, the company recorded total sales of RMB315 million (USD46.6 million) and net profits of RMB135 million (USD20 million).-Fineline Info & Tech
