GIC com­mits $75M in As­cle­tis’ Hong Kong IPO

BioSpectrum (Asia) - - Finance News -

As­cle­tis Pharma, the first biotech­nol­ogy firm to file for an IPO in Hong Kong fol­low­ing re­cent list­ing re­forms, has se­cured com­mit­ment from Sin­ga­pore sov­er­eign wealth man­ager GIC to be­come a corner­stone in­vestor. GIC will buy a fifth or $75 mil­lion worth of As­cle­tis shares as the Hangzhoubased com­pany seeks to raise be­tween $343 mil­lion and $457 mil­lion from the ini­tial pub­lic of­fer­ing. The com­pany is of­fer­ing

224.1 mil­lion shares at HK$12 to HK$16 each, po­ten­tially valu­ing the en­tire firm at up to $2.32 bil­lion. GIC will also be pro­hib­ited from sell­ing its hold­ing in the hep­ati­tis C drug de­vel­oper for six months from the list­ing date. Some 30 per cent of the list­ing pro­ceeds has been ear­marked for re­search and de­vel­op­ment of its pipe­line of new drugs, while 25 per cent will be used to com­mer­cialise its Danopre­vir and Ravi­dasvir drugs. Danopre­vir was ex­clu­sively li­censed to As­cle­tis from Swiss phar­ma­ceu­ti­cal gi­ant Roche five years ago, to de­velop, pro­duce and com­mer­cialise the drug in the main­land, Hong Kong and Tai­wan. Ravi­dasvir was li­censed from San Fran­cis­cobased Pre­sidio Phar­ma­ceu­ti­cals in 2014 for com­mer­cial­i­sa­tion in Greater China.

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