HONG KONG (Reuters/IFR) - chinese language Nasdaq-indexed biotech BeiGene Ltd has raised $903 million after pricing its secondary listing in Hong Kong - the primary below new exchange regulations - near the pinnacle of an indicative variety, 3 human beings close to the deal stated on Thursday.
The listing comes as Hong Kong works to lure overseas-listed firms to behavior secondary percentage offerings in the economic hub. it's also the second one listing under new regulations for early-state drug builders.
Hong Kong’s stock alternate is in search of to establish itself as a financing middle for the developing variety of pre-revenue drug builders. Its efforts will pit it in opposition to Nasdaq, currently the most important middle for biotech listings, with $2.4 billion well worth of such stocks sold remaining year, Thomson Reuters information showed.
subsidized
BeiGene, which develops molecularly centered and immuno-oncology drugs to treat most cancers, is promoting 65.6 million new stocks, or 8.fifty five percent of its enlarged proportion capital, at HK$108 ($13.seventy six) every, near the pinnacle of a rate range of HK$ninety four.4 to HK$111.6, the people stated.
The rate of its secondary list represents a discount of 1.6 percentage against its final fee of $181.seventy four inside the U.S. on Wednesday.
BeiGene has seen its stocks jump extra than seven instances on the grounds that raising $158 million in its 2016 Nasdaq IPO. each American Depository proportion (ads) represents thirteen everyday shares.
BeiGene declined to comment on the pricing. The people declined to be diagnosed because the statistics become now not public.
four cornerstone traders - Singapore sovereign wealth fund GIC Pte Ltd [GIC.UL], U.S. hedge fund Baker Brothers Advisors and chinese funding firms Hillhouse Capital group and best friend Bridge - have devoted $276 million for the supplying.
under Hong Kong’s new guidelines, in vicinity when you consider that April 30, biotech companies without revenue or earnings can apply to listing.
the first listing by using Ascletis Pharma Inc beneath the brand new listing regime noticed shares near flat with their IPO rate on their debut on Wednesday.
greater than 10 biotech firms - frequently chinese language and which include Innovent Biologics, sponsored by Singapore nation investor Temasek Holdings (Pte) Ltd [TEM.UL], and Shanghai Henlius Biotech - plan to listing in Hong Kong and some have dropped U.S. IPO plans in prefer of list closer to domestic.
“There are a number of international traders which can be experts in biotech, however they recognise little or no approximately China. And there are lots of buyers (here) that understand a lot approximately China, however they understand little or no approximately biotech. The dual-listing that we’re doing is helping educate both methods,” John V. Oyler, founder and leader govt of BeiGene, advised a news conference in Hong Kong on Sunday.
The China and U.S.-primarily based BeiGene turned into based by way of Oyler and Wang Xiaodong in 2010. It has a portfolio of six internally developed clinical drug applicants including 3 close to commercial level, its prospectus confirmed.
It plans to use proceeds from its secondary listing for developing and commercializing the three overdue-degree drug candidates, increasing its product portfolio and for general running capital, the prospectus confirmed.
The agency recorded a internet loss of $one hundred and five million inside the first region of 2018, a loss two times as wide as inside the identical length a yr previous.
Its shares will begin buying and selling in Hong Kong on Aug. 8.
The listing comes as Hong Kong works to lure overseas-listed firms to behavior secondary percentage offerings in the economic hub. it's also the second one listing under new regulations for early-state drug builders.
Hong Kong’s stock alternate is in search of to establish itself as a financing middle for the developing variety of pre-revenue drug builders. Its efforts will pit it in opposition to Nasdaq, currently the most important middle for biotech listings, with $2.4 billion well worth of such stocks sold remaining year, Thomson Reuters information showed.
subsidized
BeiGene, which develops molecularly centered and immuno-oncology drugs to treat most cancers, is promoting 65.6 million new stocks, or 8.fifty five percent of its enlarged proportion capital, at HK$108 ($13.seventy six) every, near the pinnacle of a rate range of HK$ninety four.4 to HK$111.6, the people stated.
The rate of its secondary list represents a discount of 1.6 percentage against its final fee of $181.seventy four inside the U.S. on Wednesday.
BeiGene has seen its stocks jump extra than seven instances on the grounds that raising $158 million in its 2016 Nasdaq IPO. each American Depository proportion (ads) represents thirteen everyday shares.
BeiGene declined to comment on the pricing. The people declined to be diagnosed because the statistics become now not public.
four cornerstone traders - Singapore sovereign wealth fund GIC Pte Ltd [GIC.UL], U.S. hedge fund Baker Brothers Advisors and chinese funding firms Hillhouse Capital group and best friend Bridge - have devoted $276 million for the supplying.
under Hong Kong’s new guidelines, in vicinity when you consider that April 30, biotech companies without revenue or earnings can apply to listing.
the first listing by using Ascletis Pharma Inc beneath the brand new listing regime noticed shares near flat with their IPO rate on their debut on Wednesday.
greater than 10 biotech firms - frequently chinese language and which include Innovent Biologics, sponsored by Singapore nation investor Temasek Holdings (Pte) Ltd [TEM.UL], and Shanghai Henlius Biotech - plan to listing in Hong Kong and some have dropped U.S. IPO plans in prefer of list closer to domestic.
“There are a number of international traders which can be experts in biotech, however they recognise little or no approximately China. And there are lots of buyers (here) that understand a lot approximately China, however they understand little or no approximately biotech. The dual-listing that we’re doing is helping educate both methods,” John V. Oyler, founder and leader govt of BeiGene, advised a news conference in Hong Kong on Sunday.
The China and U.S.-primarily based BeiGene turned into based by way of Oyler and Wang Xiaodong in 2010. It has a portfolio of six internally developed clinical drug applicants including 3 close to commercial level, its prospectus confirmed.
It plans to use proceeds from its secondary listing for developing and commercializing the three overdue-degree drug candidates, increasing its product portfolio and for general running capital, the prospectus confirmed.
The agency recorded a internet loss of $one hundred and five million inside the first region of 2018, a loss two times as wide as inside the identical length a yr previous.
Its shares will begin buying and selling in Hong Kong on Aug. 8.
Goldman Sachs and Morgan Stanley are joint sponsors for the deal.
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