Shanghai Pharmaceuticals is looking to raise about $2.22 billion in an initial public offering, The Wall Street Journal reports. The IPO will be listed on the Hong Kong stock exchange on May 20, 2011. The company will sell 664 million shares in a price range $2.81-3.35 per share.

The drug company has secured $550 million worth of cornerstone investments from four investors, Temasek, Guoco Group, Pfizer and Bank of China Investment. The company appointed Credit Suisse, Deutsche Bank, Goldman Sachs and China International Capital to manage the Hong Kong listing.

Click here for the story from The Wall Street Journal.