BiopharmA to raise $1.9b in placement

Cici Cao

Biopharmaceutical company Akeso (9926) yesterday announced a placement of 31.7 million shares priced at HK$61.28 per share to no less than six placees.

The net proceeds from the placement is estimated at HK$1.92 billion.

The pricing represents a discount of nearly 5 percent to Akeso closing price of HK$64.50 per share on Friday.

The number of shares under the placement represents nearly 3.66 percent of Akeso's issued share capital and 3.53 percent of the enlarged share capital.

The proceeds will be used for global and China clinical development of core products and other clinical pipeline products in oncology and immunology, commercialization of existing approved products, and for general corporate use.

Akeso's board is authorized to allot and issue up to 173.17 million shares.