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Report: Tigermed picks banks for $500M Hong Kong offering

Hangzhou Tigermed Consulting Co. Ltd. has chosen banks for an offering of shares in Hong Kong worth at least $500 million, Bloomberg News reported, citing people familiar with the situation.

Tigermed chose Bank of America Corp. and CLSA Ltd. to handle the stock offering, which could take place as early as the second half of 2020, said Bloomberg's sources, who chose to remain anonymous because of the matter's private nature.

Tigermed reached a market value of $6.5 billion after its shares more than doubled this year, the news outlet added.

The life sciences company is a contract research organization that provides early drug discovery services.