Hutchison China MediTech has announced the pricing of the US public offering of American Depositary Shares on Nasdaq Global Select Market.
Chi-Med will issue and sell 9,886,792 ADSs, each representing half of one ordinary share, at $26.50 per ADS, raising gross proceeds of approximately US$262m, gross.
Chi-Med has granted the underwriters a 30-day option to purchase up to 1,483,018 additional ADSs at the offering price.
It said net proceeds from the offering were expected to be used to fund the on-going research and development of the Chi-Med Innovation Platform drug pipeline and for working capital and general corporate purposes.
At 8:00am: (LON:HCM) Hutchison China Meditech Ltd share price was +40p at 4230p