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).
Stay Up To Date with Ropes & Gray
Ropes & Gray attorneys provide timely analysis on legal developments, court decisions and changes in legislation and regulations.
Stay in the loop with all things Ropes & Gray, and find out more about our people, culture, initiatives and everything that’s happening.
We regularly notify our clients and contacts of significant legal developments, news, webinars and teleconferences that affect their industries.