Hutchison China MediTech Limited ("Chi-Med") (NASDAQ: HCM) announced today the pricing of the underwritten public offering previously announced by Chi-Med on January 21, 2020. Chi-Med will issue and sell 4,400,000 American Depositary Shares ("ADSs"), each representing five ordinary shares, par value US$0.10 each, of Chi-Med at a price of US$25.00 per ADS on the Nasdaq Global Select Market ("Offering"). The gross proceeds to Chi-Med from the Offering, before deducting underwriting discounts and commissions and other offering expenses, are expected to be approximately US$110 million. In addition, Chi-Med has granted the underwriters a 30-day option to purchase up to an additional 660,000 ADSs at the public offering price, less underwriting discounts and commissions. The Offering is expected to close on January 27, 2020, subject to customary closing conditions.
Chi-Med will receive all of the net proceeds from the sale of ADSs in the Offering, which it intends to use primarily to fund its ongoing research and clinical development efforts and expand its commercialization capabilities.
BofA Securities, Inc., Goldman Sachs (Asia) L.L.C. and Morgan Stanley & Co. LLC (in alphabetical order) are acting as joint global coordinators and joint bookrunners for the Offering. Deutsche Bank Securities Inc. and HSBC Securities (USA) Inc. are acting as joint bookrunners, and Canaccord Genuity LLC, CLSA Limited and Panmure Gordon (UK) Limited are acting as co-managers.