American Oriental Bioengineering to raise extra financing
This article was originally published in Scrip
Executive Summary
American Oriental Bioengineering (AOB) plans to repurchase shares of its common stock after it has offered $85 million of convertible senior notes due 2015 in a private placement. AOB intends to use $30 million of the proceeds for the repurchase, and the remaining funds for acquisitions of and investments in complementary businesses and products. AOB was based in Las Vegas but is now headquartered in Harbin, China, where the company hopes to become one of the top five pharmaceutical companies (ScripNo 2988, p 9).
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