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Hutchmed (China) Ltd - Hong-Kong-based pharmaceutical company - Launches offering for listing its shares on the Main Board of the Stock Exchange of Hong Kong, which is part of Hutchmed's global offering of 104.0 million new shares.
The global offering comprises 13.0 million shares under the Hong Kong public offering, and 91.0 million shares under the international offering.
Offer price under the global offering will be no more than HKD45 per share, equivalent to GBP4.15 per share.
Hutchmed is expected to set the offer price next Wednesday, and has entered into cornerstone investment agreements with several investors, where they will subscribed for the number of shares at an aggregate amount of HKD2.54 billion, around USD325 million, reflecting 54% of the shares being offered under the global offering.
Proceeds from the offering will go towards advancing its late stage clinical programme, as well as its pipeline of clinical stage and preclinical drug candidates and fund potential business development.
Morgan Stanley Asia Ltd, Jefferies Hong Kong Ltd and China International Capital Corporation Hong Kong Securities Ltd are acting as joint sponsors.
In addition, Hutchmed's surufatinib has been granted approval for drug registration by the ational Medical Products Administration of China for the treatment of advanced pancreatic neuroendocrine tumours.
Current stock price: 418.50 pence, up 8.4%
Year-to-date change: down 9.0%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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