CSRC Approves IPO of JD Capital-invested Cosunter Pharmaceutical
On April 2, the China Securities Regulatory Commission (CSRC) approved the Initial Public Offering (IPO) application of Fujian Cosunter Pharmaceutical Co., Ltd. (Cosunter), a JD Capital-invested company. The company is to float on the ChiNext.
Established in June 2001, Cosunter is a national high-tech enterprise and a quality intellectual property enterprise of Fujian Province. It focuses on the R&D, production and sales of nucleoside anti-HBV pharmaceuticals, and mainly produces adefovir dipivoxil, lamivudine, entecavir and other anti-HBV medicine which account for approximately 70% of the market share.
As the only company licensed to produce all three nucleoside anti-HBV BPCs and preparations (adefovir dipivoxil, lamivudine, and entecavir), Cosunter has undertaken many science and technology projects above the provincial level, and has gained support from the Ministry of Industry and Information Technology, National Development and Reform Commission, the Ministry of Science and Technology and the Ministry of Finance for industrialization projects. By the end of 2010, the company has filed 33 patent applications, including 24 for invention, one for utility models, and eight for design; 20 applications have been approved, including 11 for invention, one for utility models, and eight for design.
Cosunter plans to issue no more than 19 million shares on the ChiNext, and to use for the proceeds from the placement to fund the R&D, production and sales of nucleoside anti-HBV pharmaceuticals. Also, it intends to further integrate existing resources to improve its market competitiveness.
JD Capital bought shares of Cosunter in 2011 and was the second largest shareholder with 20% of its stocks prior to the public issuance.