Hutchison China MediTech Limited (Nasdaq/AIM: HCM) sold US$100m of shares at a price equivalent to US$25.00 per American Depositary Share via a private placement to General Atlantic, a global growth equity firm.
This fundraise could increase to US$200 million, through a warrant granted with a term of 18 months for a further US$100 million in Chi-Med shares exercisable at a price per share equivalent to US$30.00 per ADS, a 32.5% premium to the 30-day VWAP.
Chi-Med is delivering on its strategic intention to become a global oncology business. In 2020, there has been significant progress in building an innovative, global, science-focused biopharmaceutical company including three U.S. Food and Drug Administration (FDA) Fast Track Designations for fruquintinib in metastatic colorectal cancer and surufatinib for two forms of advanced neuroendocrine tumors.
The submission of a New Drug Application (NDA) for surufatinib in the United States is also planned for later this year.
Led by Mr. Christian Hogg, Chief Executive Officer, Chi-Med will receive all proceeds from this private placement, which will fund ongoing research and clinical development and support the further growth of its commercialization capabilities both in China and globally.
Read the entire press release here