Universe Pharmaceuticals, a Chinese pharmaceutical specializing in traditional Chinese medicine derivatives, raised $25 million by offering 5 million shares at $5, the low end of the range of $5 to $7. At pricing, the company commands a market value of $105 million.
The company manufactures, markets, and distributes traditional Chinese medicine derivative (TCMD) products targeting the elderly. It currently produces 13 varieties of TCMD products, which are sold in approximately 261 cities and 30 provinces in China. In addition, through its subsidiary Universe Trade, the company also sells biomedical drugs, medical instruments, Traditional Chinese Medicine Pieces, and dietary supplements manufactured by third-party pharmaceutical companies.
Universe Pharmaceuticals plans to list on the Nasdaq under the symbol UPC. Univest Securities acted as a lead manager on the deal.
