By P.R. Venkat
BeiGene Ltd. is planning to raise US$2.07 billion in net proceeds from a share issuance in order to expand its business and meet working-capital needs.
The biopharmaceutical company is planning to sell 145.84 million shares at US$14.2308 each, equivalent to US$185 per American Depository Share, it said Monday.
BeiGene focuses on developing molecularly targeted and immuno-oncology drugs for the treatment of cancer.
Shares are being sold at a 5.6% discount to Friday's close of US$196.03 per ADS on the Nasdaq.
Two of the existing shareholders--Baker Bros. Advisors LP and Amgen Inc.--have agreed to subscribe to a portion of the shares that are being issued, BeiGene said.
It said it will also use proceeds from the share sale to invest in the commercialization of approved products in China, the U.S. and potentially other markets.
Write to P.R. Venkat at email@example.com
(END) Dow Jones Newswires
July 12, 2020 20:51 ET (00:51 GMT)Copyright (c) 2020 Dow Jones & Company, Inc.