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https://i-invdn-com.investing.com/news/LYNXNPEC5E1KQ_M.jpgInvesting.com – Clover Biopharmaceuticals Ltd. (HK:2197) made its debut on the Hong Kong Stock Exchange on Friday, raising HK$2.03 billion ($260.17 million) in the process.
Shares were steady at HK$13 ($1.67) as of 12:25 AM ET (4:25 AM GMT), after trading as high as HK$13.56 earlier in the session.
Goldman Sachs (NYSE:GS) (Asia) LLC, China International Capital Corporation Hong Kong Securities Limited, and Credit Suisse (SIX:CSGN) (Hong Kong) Limited participated as joint global coordinators.
The COVID-19 vaccine developer priced the 150 million shares on offer at HK$13.38, the upper part of its HK$12.80 to HK$13.50 price guidance range. There is also an over-allocation of 22,500,000 Offer shares in the international offering.
Based on the offer price, the net proceeds from the listing, after deducting underwriting fees and other expenses, are estimated to be roughly HK$1.87 billion, or $240.26 million, according to the company. The bulk of the proceeds will be used in the research, production, and commercialization of its core products.
The company’s core product includes S-Trimer (SCB-2019), its protein-based COVID-19 vaccine candidate. A large global clinical trial showed that S-Trimer was 67% effective against COVID-19 of any degree of severity, and 79% against the Delta variant, the company said in September.
Clover has also inked a deal to supply up to 414 million doses of its COVID-19 vaccine through the global vaccine sharing scheme COVAX.
“We are excited at what the future holds as we submit conditional regulatory approval applications for and potentially commercialize S-Trimer in the near term,” Joshua Liang, CEO and executive director at Clover, said in a statement.