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BUZZ-CANbridge Pharmaceuticals jumps as WuXi Biologics buys shares

Reuters
Feb 16
BUZZ-CANbridge Pharmaceuticals jumps as WuXi Biologics buys shares

** Shares of CANbridge Pharmaceuticals Inc 1228.HK surge as much as 18.3% to HK$3.30, the highest level since February 9, set to snap three straight sessions of decline

** Stock is on course for biggest one-day pct rise since August 22 if gains hold

** CANbridge plans sale of 84.03 mln new shares, or 14.1% of the enlarged share capital, at HK$2.38 each to a unit of WuXi Biologics (Cayman) Inc 2269.HK

** Says about HK$200 mln ($25.59 mln) raised from the share sale will be used for working capital, registration maintenance of commercialized products and R&D, among others

** Shares of WuXi Biologics rise 1.3%

** YTD, CANbridge stock up 18.4%, WuXi Biologics up 28.9%, Hang Seng Index .HSI up 4.2%

($1 = 7.8146 Hong Kong dollars)

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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