Hong Kong's Chi-Med files amended U.S. SEC F-1 for Nasdaq IPO

Chi-Med CEO Christian Hogg  

Hong Kong-based Hutchinson China MediTech (Chi-Med) announced this week it filed an amended F-1 form with the U.S. Securities and Exchange Commission for its planned $100 million IPO in which it plans to sell American depositary shares (ADSs) under the symbol HCM. The company said in the filing it plans to use the money raised in the offering to develop and commercialize its drug pipeline with the rest used for "working capital and general corporate purposes." The company also said in the filing that Bank of America Merrill Lynch and Deutsche Bank Securities are the joint global coordinators and joint bookrunners. The company first announced last October it would pursue the listing, which is expected to generate a lot of interest from investors around the world. Chi-Med currently has a focus on oncology and immunological diseases and said it has 7 clinical-stage drug candidates with 5 already having "achieved proof-of-concept" that could see them become "eligible for accelerated approval by the U.S. Food and Drug Administration. The company owns four of the candidates and has partnerships on the others with AstraZeneca ($AZN), Eli Lilly ($LLY) and Nestle Health Science. Release