Everest Medicines 650 times Oversubscribed

Everest Medicines will go public in Hong Kong on Friday at HK$55 apiece, to raise 3.5 billion yuan.
Shirley TianOct 07,2020,21:45

Chinese drugmaker Everest Medicines was 650 times oversubscribed on the last day of its public offering; over 300,000 retail investors subscribed to its shares, local market sources say.

The minimum purchase price of this public offering is HK$27,777 per 500 shares.

According to Sina Finance, Everest Medicines will go public in Hong Kong on Friday at HK$55 apiece, to raise 3.5 billion yuan.

Merrill Lynch and Goldman Sachs are the sponsors on the deal.

Everest Medicines was incubated by Singapore private equity firm CBC Group, formerly known as C-Bridge Capital.

The biopharmaceutical company announced in June that it has successfully completed $310 million in Series C financing. The latest funding includes a $260 million Series C-2 led by Janchor Partners and a $50 million Series C-1, which was part of a broader strategic partnership with Jiashan National Economic and Technological Development Zone and Jiashan SDIC announced on March 17.

The company’s therapeutic areas include oncology, autoimmune disorders, cardio-renal diseases, and infectious diseases.

Currently, the Shanghai-based company has a portfolio of eight potentially first-in-class or best-in-class molecules, among which four assets are in clinical trials designed for registration in China and two additional assets will start registrational trials in 2020.

Topics:Hong Kong IPO, Biotech
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