Sichuan Biokin Pharma Launches Up to HK$3.4 Billion Hong Kong IPO

MT Newswires Live11-07

Sichuan Biokin Pharmaceutical (HKG:2615, SHA:688506) launched its initial public offering in Hong Kong on Friday, targeting to raise as much as HK$3.36 billion from the deal.

The Chinese integrated pharmaceutical group is offering as many as 8,634,300 shares, expected to be priced in a range of HK$347.50 to HK$389.00, according to an early morning filing with the Hong Kong bourse on Friday.

The offer price is expected to be determined on Nov. 13, with the allocation results to be disclosed a day after, ahead of the company's trading debut on the bourse on Nov. 17.

Sichuan Biokin Pharma attracted Bristol-Myers Squibb, OrbiMed Asia Partners III's AOP III, Fullgoal Fund, GL Capital and Athos Capital as cornerstone investors, which agreed to subscribe to US$32 million of the shares on offer.

Net proceeds, estimated at HK$3.02 billion, will be used to fund the R&D of its biologic drug candidates outside of China, to establish global supply chain, and for working capital and other general corporate purposes.

Goldman Sachs, J.P. Morgan and Citic Securities are the joint sponsors, overall coordinators, joint global coordinators, joint bookrunners and joint lead managers of the offering. SDICS International Securities also act as joint bookrunner and joint lead manager.

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