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7 July 20213 minute read

DLA Piper advises HUTCHMED on its Hong Kong IPO

DLA Piper is advising global biopharmaceutical company HUTCHMED on its Hong Kong public offering. This will be the third listing for the company, following its first on London's AIM exchange and then NASDAQ in the US.

HUTCHMED floated 104 million new ordinary shares at a price of HKD40.10, equal to around GBP3.70 and USD25.82 per American depository share (ADS), with the latter representing five ordinary shares. HUTCHMED’s Hong Kong shares began trading on June 30, 2021.

Morgan Stanley Asia Limited, Jefferies Hong Kong Limited and China International Capital Corporation Hong Kong Securities Limited are the joint sponsors and, along with Credit Suisse and HSBC, joint global coordinators and joint bookrunners. BOC International, CMB International, China Merchants Securities (HK), Deutsche Bank and Macquarie are bookrunners.

HUTCHMED is an innovative, commercial-stage, biopharmaceutical company. It is committed to the discovery and global development and commercialisation of targeted therapies and immunotherapies for the treatment of cancer and immunological diseases. A dedicated organisation of over 1,300 personnel has advanced ten cancer drug candidates from in-house discovery into clinical studies around the world, with its first three oncology drugs now approved.

DLA Piper acted as UK counsel for HUTCHMED with a team led by Alex Tamlyn, partner and Head of DLA Piper's EMEA Capital Markets Group, with support from senior associate Johannes Poon.