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Chi-Med plans US$110M offering of American depositary shares

Hutchison China MediTech Ltd. said it is planning to sell US$110 million of its American depositary shares in a public offering.

The Hong Kong-based biopharmaceutical company also plans to grant underwriters a 30-day option to buy up to an additional US$16.5 million of ADSs in total at the same price.

Each ADS represents five ordinary shares of the company.

Chi-Med plans to use net proceeds for research and development and to expand its commercialization capabilities.

BofA Securities Inc., Goldman Sachs (Asia) LLC and Morgan Stanley & Co. LLC are acting as joint global coordinators and joint book runners for the offer.

Chi-Med develops therapies for cancer and autoimmune diseases.