Lepu Biopharma (HKG:2157) completed the placement of 93,825,000 shares to at least six investors at HK$5.02 apiece to raise net proceeds of HK$462.9 million, a Friday Hong Kong bourse filing said.

The shares represent approximately 5.2% of the biopharmaceutical company's enlarged issued share capital.

The firm will use proceeds from the issue to commercialize and market its core product, MRG003, to advance clinical trials of core products, and for the R&D of new product pipelines.