Chi-Med (Hutchison China MediTech) announced a $262 million secondary offering of American Depository Shares. Underwriters will have a 30-day option to purchase an additional $39.3 million of ADSs at the offering price, bringing the total to $301.3 million. Chi-Med will use the funds to continue developing its portfolio of novel drugs, the “Innovation Platform” as the company calls it. It did not identify any specific large projects that the new capital would underwrite. Pricing of the offering has not been set.
Source: China Biotoday
