SinoMab BioScience (HKG:3681) agreed to sell nearly HK$370 million worth of shares to 23 investors, according to a Hong Kong bourse filing Tuesday.
Shares of the biopharmaceutical company jumped over 8% in morning trade Wednesday.
The company plans to issue 182,072,400 shares to the subscribers at HK$2.03 apiece. The shares represent 15.12% of the company's existing issued share capital, and 13.13% on an enlarged basis.
Funds raised will primarily be used to advance the company's drug pipeline.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.