Deals
Chinese Biotech Beigene to Raise $2.1 Billion in Share Sale
- Nasdaq-listed co offers 145.8 million shares at $185 per ADS
- Beigene had first China cancer drug to get U.S. FDA approval
Photographer: Bloomberg
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Chinese biotech company Beigene Ltd. plans to raise $2.1 billion in a direct offering of 145.8 million shares to fund drug research and market its treatments in the U.S. and China, said the Nasdaq-listed company on Monday.
The shares will be priced at $14.23 each, equivalent to a price of $185 per American Depository Share -- 5.6% lower than its closing price on Friday. The offering is expected to close on or around July 15, said the company, whose shares are also traded in Hong Kong.