Benzinga | Jun 18, 2021 03:25PM EDT

Hutchmed Files For Over $600M Hong Kong IPO

* Hutchmed (China) Limited (NASDAQ:HCM) will look to raise $603 million as part of a Hong Kong IPO, listed in the U.S., since 2016.

* The company plans to offer up to 104 million shares at around HK$45 per share or roughly $5.80.

* Hutchmed will trade under the ticker "13" on the exchange, complementing the company's NASDAQ ticker HCM.

* Hutchmed already has five cornerstone investors on board, Carlyle Group, the Canada Pension Plan Investment Board, General Atlantic, HBM Healthcare Investments, and CICC Grandeur Fund, which combined have pledged to buy up $325 million of shares or about 54% of the offering.

* The firm is currently awaiting FDA review for its oral oncology med surufatinib for non-pancreatic neuroendocrine tumors, which Hutchmed filed for rolling submission in May.

* According to a prospectus filed with the exchange, Hutchmed intends to use 50% of the proceeds to advance late-stage trials for surufatinib.

* Separately, the National Medical Products Administration of China has approved surufatinib for advanced pancreatic neuroendocrine tumors.

* It makes the second surufatinib approval for extra-pancreatic (non-pancreatic) neuroendocrine tumors.

* Price Action: HCM shares are up 1.99% at $28.93 during the market trading session on the last check Friday.