Hutchison China Meditech Ltd - China-based biopharmaceutical company - Agrees to sell USD100 million in shares through private placing to Canada Pension Plan Investment Board.
Will issue 16.7 million shares in the private placement at a price equal to USD30 per American Depositary Share. Proceeds from placing will go towards research and clinical development, as well as support the further growth of its commercialisation capabilities globally.
"We are very pleased to welcome CPP Investments as a shareholder. CPP Investments' focus on building long-term value and its experience in healthcare investing make it an important global strategic partner to Chi-Med. We look forward to building on the partnership as we work, during the next six months, to launch both surufatinib and savolitinib in China, subject to approval, as well as submit our first US NDA on surufatinib," said Chief Executive Officer Christian Hogg.
Current stock price: 444.00 pence
Year-to-date change: up 15%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Hutchmed (HCM)