Ropes & Gray Advises Hutchison China MediTech on U.S. Initial Public Offering
Ropes & Gray advised Hutchison China MediTech (Chi-Med) in connection with its U.S. initial public offering of 7,500,000 American depositary shares (ADSs) priced at $13.50 per ADS, raising gross proceeds of approximately $101.25 million. BofA Merrill Lynch and Deutsche Bank Securities acted as joint book runners for this offering.
Each ADS represents one-half of one ordinary share of Chi-Med. The ADSs began trading on the NASDAQ Global Select Market on March 17 under the ticker symbol HCM. Chi-Med's ordinary shares will continue to be traded on the AIM market of the London Stock Exchange following the offering under the ticker symbol HCM.
“Chi-Med’s IPO demonstrates the global interest in the booming biotech industry in China,” said a former Hong Kong-based capital markets partner at Ropes & Gray.
Established in 2000, Chi-Med is a China-based, globally focused health care group, which researches, develops, manufactures and sells pharmaceuticals and health-related consumer products. Chi-Med is majority owned by the multinational conglomerate CK Hutchison Holdings Limited. Chi-Med was publicly listed on London’s AIM market in 2006, and is currently the only Asia-based company that is dual-listed in London and on NASDAQ.
The Ropes & Gray team included life sciences partner Marc Rubenstein (Boston) and tax partner Elaine Murphy (Boston).