Pryor Cashman Client China Medicine Corporation Closes $70 Million Equity Financing
Pryor Cashman client China Medicine Corporation (OTC BB: CHME), a Guangzhou, China-based developer, manufacturer and leading distributor of prescription and over the counter pharmaceuticals, traditional Chinese medicines, nutritional and dietary supplements, and medical devices and medical formulations, has closed the equity private placement contemplated in its stock subscription agreement dated December 31, 2009 with One Equity Partners, the global private equity investment arm of J.P. Morgan Chase & Co, through its wholly-owned subsidiary, OEP CHME Holdings, LLC (OEP).
At closing on January 29, 2010, China Medicine Corporation sold 4,000,000 of the Company's common shares at $3.00 per share for $12 million in gross proceeds and 1,920,000 of its redeemable convertible preferred shares at $30 per share for $57.6 million in gross proceeds resulting in aggregate gross proceeds of $69.6 million.
The Pryor Cashman team advising China Medicine Corporation on the closing of the transaction included Corporate attorneys Stephen Goodman, Elizabeth Chen, Lloyd Steele and Durre Hanif, as well as attorneys from the firm's Banking and Finance, Tax and Litigation Groups.
