Everest Medicines (HKG:1952) subscribed for over 15.8 million American depositary shares (ADSs) in Nasdaq-listed global biotech firm, I-Mab, for $30.9 million or $1.95 apiece, an Aug. 1 Hong Kong bourse filing said.
Shares of the drug company rose over 8% in Monday afternoon trading.
10 ADSs in I-Mab represent 23 ordinary shares of the firm.
Following completion, Everest Medicines holds 15.8 million ADSs and nearly 6.1 million ordinary shares in I-Mab, representing 16.1% of the latter's enlarged issued share capital.
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