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HONG KONG, Dec 29, 2022 - (ACN Newswire) - Shandong Boan Biotechnology Co., Ltd. ("Boan Biotech" or the "Company"), a spin-off of Luye Pharma Group Ltd. (stock code: 2186), announces the allotment results of its Global Offering today. The H shares of the Company are expected to be listed and commence trading on the Main Board of the Stock Exchange of Hong Kong ("SEHK") on 30 December 2022.
Boan Biotech offered an aggregate of 10,694,800 H shares under the Global Offering (subject to the Over-allotment Option). The Offer Price is HK$19.80 per Share in board lots of 200 shares each. The Hong Kong Public Offering was moderately over-subscribed, representing approximately 2.12 times the total number of 1,069,600 Offer Shares initially available for subscription under the Hong Kong Public Offering. The International Offering was slightly over-subscribed, representing approximately 1.52 times the total number of 9,625,200 Offer Shares initially available under the International Offering (including 385,470 Reserved Shares under the Preferential Offering, and subject to the Over-allotment Option).
In the Global Offering, the Company has successfully procured three Cornerstone Investors, including Mr. Fu Heliang, the founder of Jiangsu Aidea Pharmaceutical Co., Ltd. (stock code: 688488) listed on the Shanghai Stock Exchange; Harvest Great Bay Investment SP, an investment fund; and Sino Biopharmaceutical Limited (stock code: 1177), a pharmaceutical company which is listed on the Main Board of SEHK. The total number of Offer Shares to be subscribed by the Cornerstone Investors is 7,594,000 Offer Shares, representing approximately 71.01% of the Offer Shares pursuant to the Global Offering (assuming the Over-allotment Option is not exercised), with a lock-up period of 6 months.
Based on the Offer Price of HK$19.80 per Share and without taking into account the Over-allotment Option, the net proceeds from the Global Offering to be received by the Company is estimated to be approximately HK$152.8 million, after deduction of the underwriting commissions, fees and other estimated expenses payable in connection with the Global Offering, of which approximately 59.5% of the net proceeds received from the Global Offering will be used for the research and development ("R&D") of core products; approximately 31.4% will be used for the research and development of other products in the pipeline; approximately 6.1% will be used for commercialization purposes; and approximately 3.0% will be used for working capital and other general corporate purposes.
Ms. Jiang Hua, Chairlady, Executive Director and Chief Executive Officer of Boan Biotech said, "We are pleased that the Company is going to list on the Main Board of SEHK soon. We are also very grateful to all investors for their trust and support. Listing on the Main Board of SEHK not only allows the Company to tap into the international capital markets, but also provides a solid foundation for the long-term development of the Company. Going forward, Boan Biotech will continue to be committed to serving people's health with our expertise, further accelerate the clinical development of pipeline products in China and overseas, enrich our innovative antibody portfolio, enhance commercialization capabilities and internal manufacturing capabilities, explore more external collaboration, and endeavor to realize the vision of becoming a leading biopharmaceutical company with unremitting efforts."
About Shandong Boan Biotechnology Co., Ltd.
Shandong Boan Biotechnology Co., Ltd. ("Boan Biotech" or the "Company", stock code: 6955), established in 2013, is an integrated biopharmaceutical company committed to developing, manufacturing and commercializing high-quality biologics in China and overseas. It focuses on the key therapeutic areas, including oncology, metabolism, autoimmunity, and ophthalmology. With years of experience, Boan Biotech has established its unique competitive advantages with a robust and risk-balanced product portfolio, an integrated biopharmaceutical platform covering "R&D-production-commercialization", and commercialization capabilities that continue to mature. Currently, Boan Biotech has two commercialized products, namely Boyounuo (bevacizumab injection, BA1101) and Boyoubei (denosumab injection, BA6101). As of 9 December 2022, Boan Biotech had six biosimilar drug candidates or drug product and eight innovative antibody drug candidates in the portfolio.
Issued by Porda Havas International Finance Communications Group for and on behalf of Shandong Boan Biotechnology Co., Ltd. For further information, please contact:
Kelly Fung +852 3150 6763 kelly.fung@h-advisors.global
Steven Yao +8621 3397 8688 steven.yao@h-advisors.global
Xiang Jinjin +852 3150 6733 jinjin.xiang@h-advisors.global
Topic: Press release summary
Source: Shandong Boan Biotechnology Co., Ltd.
Sectors: BioTech, Healthcare & Pharm
https://www.acnnewswire.com
From the Asia Corporate News Network
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