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Innovent plans to raise HK$2.35B via share placement to fund drug pipeline

Innovent Biologics Inc. is planning to raise about HK$2.35 billion in net proceeds via a share placement to fund its product pipeline.

The Suzhou, China-based cancer-drug maker agreed to place 97 million new shares at HK$24.60 apiece with international and local investors. The placing and subscription shares represent about 8.37% of the existing issued share capital and about 7.73% of the enlarged share capital of the company.

Innovent plans to use the net proceeds to develop its product pipeline, including the three licensed cancer drugs from Incyte Corp., drug candidates that the company is developing in collaboration with Eli Lilly and Co., and other product candidates.

The company went public on the Hong Kong Stock Exchange in October 2018 and raised about US$421 million. The funds were mainly targeted toward the medicine Tyvyt, developed along with Lilly, which later received approved in China to treat a type of blood cancer called classical Hodgkin's lymphoma.

Innovent added in an Oct. 4 press release that the funds from share placement will also be used for future capacity expansion and general corporate purposes.

The company expects to complete the placement around Oct. 9.

Morgan Stanley and Goldman Sachs are acting as placement agents.