DLA Piper and Morrison & Foerster have scored lead roles on the HK$4bn (£335m) sale of new shares by China's biggest drug distributor Sinopharm.

The deal marks the second H share placement for Sinopharm since its $1.1bn (£714m) IPO in 2009, with 165.7 million shares being sold to between six and 10 non-retail investors at HK$24.60 (£2.06) each.

The sale is thought to be the fourth-biggest equity capital-raising in Asia this year through a private placement.

DLA advised the drugs company on the deal, with a team of seven led by the firm's China chairman Wei Lui in Beijing and the co-head of capital markets for Asia, Esther Leung in Hong Kong. 

On the US side, a team of two was led by the head of the US capital markets practice in Asia, corporate partner Stephen Peepels, also based in Hong Kong.

MoFo's corporate team acted for the placing agents, which included China International Capital Corporation (CICC), UBS AG and Morgan Stanley.

Hong Kong capital markets expert Charles Chau led the group, while partners John Moore and Gregory Wang handled the US aspects of the financing.

Beijing-based Sinopharm is today the largest pharmaceutical company in China, jointly owned by Shanghai Fosun Pharmaceutical and state-run China National Pharmaceutical Group Corporation.

The company is reportedly seeking to raise money to expand its sales network, and in 2011 sold another bundle of H shares for $440m (£286m).

Mofo also acted as Hong Kong and US legal counsel to the banks in Sinopharm's last placement, and for the underwriters in the company's IPO.

"We are delighted to count this transaction among our strong portfolio of capital markets deals," said Mofo partner Chau.

"Its completion, particularly despite difficult market conditions, is a true testament to the determination and perseverance of all the parties involved."