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Tongjitang Amends IPO Terms

Tongjitang Chinese Medicines Co., a Chinese drug company focused on modernized versions of traditional Chinese medicine, has amended its proposed IPO terms. The company now plans to offer around 9.86 million American depository shares at between $12 and $14 per share, compared to an original plan to sell 8.85 million shares at between $15 and $17 per share. It plans to trade on the NYSE under ticker symbol TCM, with Merrill Lynch and UBS serving as co-lead underwriters. Shareholders include Merrill Lynch, whose private equity and VC funds hold an 8.8% pre-IPO position.