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BeiGene closes $903M Hong Kong IPO

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BeiGene closes $903M Hong Kong IPO

BeiGene Ltd., a biopharmaceutical company, has closed its Hong Kong IPO and global offering of 65.6 million ordinary shares.

The company has granted the offering's joint global coordinators, Morgan Stanley & Co. International PLC, Goldman Sachs (Asia) LLC, Credit Suisse (Hong Kong) Ltd. and CLSA Ltd., an option to buy up to 9,840,000 additional shares.

The offering was priced at HK$108 per share, raising about US$903 million, or about HK$7.08 billion, the company said Aug. 8. BeiGene shares began trading on the main board of the Stock Exchange of Hong Kong under the stock code 06160 the same day.

BeiGene is also currently listed on the Nasdaq Global Select Market under the symbol BGNE, with each American depositary share representing 13 original shares.

Proceeds from the offering will go toward clinical trials and preparation for the cancer drug developer's launch and commercialization of product candidates. They will also fund product portfolio expansion and general corporate purposes, according to BeiGene's release.