Ascletis draws GIC as cornerstone investor for first pre-profit biotech IPO in Hong Kong

Ascletis draws GIC as cornerstone investor for first pre-profit biotech IPO in Hong Kong

Ascletis Pharma Inc., the first biotech company to take advantage of new Hong Kong listing rules, is seeking to raise as much as $457 million in an initial public offering in the city.

The company is offering 224.1 million shares at HK$12 to HK$16 apiece, according to terms for the deal obtained by Bloomberg. Singapore sovereign wealth fund GIC Pte agreed to buy $75 million of stock as a cornerstone investor, the terms show.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter