Kelun-Biotech announces US$250 million placement

China-based Kelun-Biotech Biopharmaceutical (6990: HK) announced the placement of 5,918,000 H shares under its general mandate, representing approximately 2.54% of the enlarged share capital of the company post the placement. The shares were placed at HK$331.8 per share, raising net proceeds of around US$250 million.

The company noted that the offering was widely recognized by a broad-based investors including domestic and international institutional investors. The transaction was multiple times oversubscribed with robust participation from high-quality investors including global long only funds, sovereign wealth funds, and healthcare specialist funds;

Due to the robust booking demand, the deal size was upsized from the initially targeted $200 million at launch to $250 million, making it the largest follow-on offering in the biopharma industry in the Hong Kong market over the past 12 months;