Credit: Shutterstock photoHutchison China MediTech, a CK Hutchison-backed pharmaceutical with a pipeline of immuno-oncology candidates, announced terms for its IPO on Friday.
The Hong Kong-based company plans to raise $100 million by offering 6.1 million ADSs at a price of $16.33, where its shares currently trade on the AIM market in London. At that price, Hutchison China MediTech would command a fully diluted market value of almost $2.0 billion.
Hutchison China MediTech was founded in 2000 and booked $178 million in sales for the 12 months ended December 31, 2015. It plans to list on the Nasdaq under the symbol HCM. BofA Merrill Lynch and Deutsche Bank are the joint bookrunners on the deal. It is expected to price during the week of March 14, 2016.
The article Cancer drugs made in China: Hutchison China MediTech sets terms for $100 million US IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
