Sichuan Kelun-Biotech Biopharmaceutical (HKG:6990) is looking to raise estimated net proceeds of about HK$2.72 billion through a share placement, according to a Hong Kong bourse filing Wednesday.

The drugmaker is placing 5.84 million new H-shares at HK$470.20 each.

The net proceeds will be used for research and development, clinical trials, registration filings, manufacturing and commercialization of its products, expansion of its research and development capabilities and product pipeline, and working capital and general corporate purposes.

The shares represent about 2.50% of the company's existing issued share capital and about 2.44% of its enlarged share capital after the placement.