Hutchison China MediTech Limited, has issued $100M of shares at $30.5 per American Depositary Share via a private placement to funds affiliated with Baring Private Equity Asia (BPEA). Each ADS represents five shares
Proceeds will fund ongoing research and clinical development and support the further growth of commercialization capabilities both in China and globally.
Mr. Christian Hogg, Chief Executive Officer of HUTCHMED, said, “We expect significant growth of our business this year as we look to accelerate our oncology revenues from ELUNATE, SULANDA and the potential upcoming approval of savolitinib, likely to be a first-in-class selective c-MET inhibitor in China.
We are rapidly expanding global development of our ten oncology assets, all of which were discovered in-house at HUTCHMED, and are planning to initiate 8-10 registration and registration-intent studies in 2021. This is the right time to welcome BPEA to our existing shareholder base, a firm with a long history of supporting innovative globally-focused businesses. We look forward to partnering with BPEA in the next stage of our development.”
Source: Seeking Alpha
