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China-Biotics hits public offering target

This article was originally published in The Tan Sheet

Executive Summary

Probiotics manufacturer China-Biotics reports net proceeds of $65.5 million in its underwritten public offering of shares Oct. 5 on NASDAQ. It sold all of the 4.6 million shares of common stock it made available at $15 per share, the target price it set. The Shanghai-based firm said it intends to use the proceeds for general corporate purposes, including expanding its Shining retail operations and product lines and acquiring additional retail outlets. China-Biotics' products are available in pharmacies and supermarkets in Shanghai, Jiangsu and Zhejiang

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