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Aug, 02 2018

BeiGene raises $903 mn in HK's first secondary listing under new rules

Hong Kong's stock exchange aims to establish itself as a financing centre for the growing number of pre-revenue drug developers.

China based Nasdaq-listed biotech firm BeiGene Ltd has raised $903 million after pricing its secondary listing in Hong Kong the first under new exchange rules near the top of an indicative range, three people close to the deal said on Thursday.

The listing was revealed Hong Kong has been into the gaining the international firms to conduct secondary share offerings in the financial hub. It is the firms second listing under new rules for early-state drug developers.

Hong Kong's stock exchange aims to establish itself as a financing centre for the growing number of pre-revenue drug developers. Its efforts will make the stock exchange to go against Nasdaq, which currently has the biggest centers in biotech listings, with $2.4 billion worth of such shares sold last year, Thomson data showed.

Having established its base in molecularly targeted and immuno-oncology drugs to treat cancer, BeiGene, is selling 65.6 million new shares, or 8.55 percent of its enlarged share capital, at HK$108 ($13.76) each, close to the top of a price range of HK$94.4 to HK$111.6, the people said.

The price of its secondary listing represents a discount of 1.6 percent against its closing price of $181.74 in the U.S. on Wednesday.

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