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MARKETS & INVESTING | Staff Reporter, Hong Kong

Cancer drug developer seeks $7b in secondary Hong Kong listing

BeiGene is offering 65.6 million shares at $94.9 to $111.6 apiece.

Bloomberg reports that cancer drug developer BeiGene Ltd., is eyeing to raise as much as $7b (US$933m) in a secondary Hong Kong listing after making its debut in New York two years earlier.

Also read: US biotech firms seeking larger valuations rush to Hong Kong

The biotech firm is offering a total of 65.6 million shares priced at $94.9 to $111.6 apiece with Baker Bros Advisors, Hillhouse Capital Management, GIC Private Ltd. and Ally Bridge agreeing to buy 19.8 million shares as cornerstone investors.

Also read: Goldman, Citi bankers abandon posts to cash in on biotech hype

Proceeds from the share sale will go into research and commercialisation of three developing drugs and expansion of the company’s portfolio and general working capital, according to a prospectus filed by the company. 

At least 16 biotech firms are lining up to pursue IPOs in Hong Kong following sweeping market reforms allowing biotech firms with no track record of profitability to list.

Here’s more from Bloomberg:

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