Hutchison China MediTech (Chi-Med) filed to IPO on the Hong Kong Exchange, following listings in London and on NASDAQ, where it has a market capitalization of over $4 billion. In September 2018, Chi-Med was approved to launch fruquintinib in China, the first novel China-developed targeted treatment for cancer. The IPO is expected to raise between $300 million and $500 million. Chi-Med’s parent, the conglomerate CK Hutchison, said it will reduce its Chi-Med holdings from 60% at present to less than 50% as part of the offering — a block that is worth at least $400 million.
Source: China Biotoday
