Hutchison Chi-Med confirms ADS pricing for $262m fundraise

Hutchison China MediTech - commonly known as Chi-Med - announced the pricing of its underwritten public offering on Wednesday.

The AIM-traded firm initially announced the offering on 24 October.

Chi-Med said it will issue and sell 9,886,792 American Depositary Shares, each representing one-half of one ordinary share, at a price of $26.50 per ADS on the Nasdaq Global Select Market, raising gross proceeds of approximately $262m.

It said it has granted the underwriters a 30-day option to purchase up to 1,483,018 additional ADSs at the offering price, less underwriting discounts and commissions.

Closing of the offering is expected to occur on or about 30 October.

“The net proceeds from the offering are expected to be used to fund the ongoing research and development of the Chi-Med Innovation Platform drug pipeline and for working capital and general corporate purposes,” Chi-Med’s board said in its statement.