(Alliance News) - Hutchison China Meditech Ltd on Thursday said it has secured USD100 million in funding from US-based private equity General Atlantic to fund research and clinical development and support commercialization in both China and globally.
The Hong Kong-based biopharmaceutical company has agreed to issue the equivalent of 4 million American depositary shares to General Atlantic at USD25.00 per ADS, resulting in gross proceeds of USD100 million. The company also has granted a warrant to General Atlantic to purchase up to an additional equivalent of 3.3 million ADSs at an exercise price equivalent to USD30.00 per ADS.
Each ADS represents five ordinary shares in Hutchison China. Shares in the company were up 9.7% at 417.00 pence each in London on Thursday afternoon.
Hutchison China Chief Executive Officer Christian Hogg said: "Over the last few months, we have made significant development, regulatory and commercial progress in several oncology programs intended for the global market. We are delighted therefore to welcome General Atlantic to our existing shareholder base and to further strengthen our balance sheet. We are confident that in this phase of material progress for Chi-Med we can deliver innovative cancer therapies to patients internationally."
By Tapan Panchal; tapanpanchal@alliancenews.com
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Hutchmed (HCM)