Jiangsu Hengrui offers indication of Chinese fundraising strength
Chinese drugmaker Jiangsu Hengrui Pharmaceuticals (600276: SS) priced its Hong Kong stock offering at the top of the marketed range to raise HK$9.9 billion ($1.3 billion).
The cancer and cardiovascular diseases specialist sold 224.5 million shares at HK$44.05 a share, according to terms of the deal seen by Bloomberg, with the price reflecting a discount of about 25% relative to Hengrui’s Shanghai-listed closing share price on Tuesday.
Hengrui is set to use the proceeds from the offering for purposes including drug development, potential acquisitions and collaborations, and the building of production facilities in the mainland and overseas.
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