23rd Jan 2020 15:06
(Alliance News) - Pharmaceutical company Hutchison China MediTech Ltd on Thursday priced its USD110 million American depositary share offering at USD25 per ADS on the Nasdaq Global Select Market.
The company said it will issue and sell 4.4 million ADSs, each representing five ordinary shares of Chi-Med pursuant to the offering, which was initially announced on Tuesday.
Chi-Med has granted underwriters of the offering a 30-day option to purchase up to an additional 660,000 ADSs at the offering price, less underwriting discounts and commissions. The ADS offering is expected to close on Monday next week.
The company plans to use proceeds from the offering primarily to fund its ongoing research and clinical development efforts and expand its commercialization capabilities.
Hutchison China has a portfolio of eight cancer drug candidates in clinical studies and is headquartered in Hong Kong, though dual listed on London's AIM market and the Nasdaq Global Select Market.
BofA Securities Inc, part of Bank of America, is among the joint global coordinators and joint bookrunners for the offering. The other two are Goldman Sachs (Asia) LLC and Morgan Stanley & Co LLC.
Hutchison China MediTech shares in London were down 8.8% at 374.00 pence each on Thursday.
By Tapan Panchal; [email protected]
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