July 26, 2018 / 2:16 AM / 5 months ago

Chinese biotech firm Ascletis raises $400 mln in HK IPO - sources

HONG KONG, July 26 (Reuters) - Chinese biotech Ascletis Pharma Inc raised $400 million after pricing its initial public offering (IPO) in the middle of an indicative range, three sources said, in the first such Hong Kong listing under new rules designed to attract early-stage biotech firms.

The IPO is widely seen as a test of the new regime as Hong Kong seeks to establish itself as a financing centre for the growing number of Chinese drug developers.

Ascletis, which makes anti-viral, cancer and liver disease drugs, is selling 224 million new shares, or 20 percent of its enlarged share capital, at HK$14 ($1.78) each, the middle of a price range of HK$12 to HK$16. The deal values the company at $2 billion.

Ascletis didn’t immediately respond to a request for comment. ($1 = 7.8452 Hong Kong dollars)

Reporting by Julie Zhu and Julia Fioretti, and Fiona Lau of IFR; Editing by Christopher Cushing

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