Health and Healthcare
Hutchinson China MediTech Prepares for IPO
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Hutchinson China MediTech has filed an amended F-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering (IPO). No pricing details were given in the filing, but the offering is valued up to $100 million, although this number is usually just a placeholder. The company intends to list its American depositary shares (ADSs) on the Nasdaq Global Market under the symbol HCM.
The underwriters for the offering are Merrill Lynch, Deutsche Bank, Stifel, Canaccord Genuity, Panmure Gordon and CITIC CLSA.
This innovative biopharmaceutical company is based in China and aims to become a global leader in the discovery, development and commercialization of targeted therapies for oncology and immunological diseases.
Hutchinson China MediTech has created a broad portfolio of drug candidates targeting eight molecular targets. It has taken a chemistry-focused approach to develop highly selective small molecule tyrosine kinase inhibitors that are intended to have potentially global best-in-class efficacy and are deliberately engineered to improve drug exposure, reduce known class-related toxicities and allow different drug therapies to be combinable. Highlights of its pipeline include:
The company intends to use the net proceeds from this offering to further develop and commercialize its pipeline. The remainder will be used for working capital and general corporate purposes.
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