Keymed Biosciences (HKG:2162) raised net proceeds of HK$853.8 million through a top-up placement, a Thursday Hong Kong bourse filing said.

21.6 million shares were placed by substantial shareholder Moonshot at HK$45.48 apiece to at least six investors.

The biopharmaceutical firm then issued 19 million shares to Moonshot, representing 6.36% of its enlarged issued share capital.

The drug company will use proceeds from the issue for R&D expenses, commercialization of Stapokibart, the capital expenditure of manufacturing and R&D facilities, and general corporate and working capital.