Hutchison China MediTech Limited (Chi-Med) today announced that it has entered into an agreement for the sale of US $100 million of shares to General Atlantic. The price is equivalent to US $25.00 per American Depositary Share (ADS). This price is also a 10.4% premium to the 30-day volume-weighted average price (VWAP).
Chi-Med is a developing global oncology business. Chi-Med will receive all proceeds from this private placement. Chiefly, the fund ongoing research and clinical development.
General Atlantic has 40 years of experience in investing in global growth equity companies within the biopharma sector. The company has approximately US $34 billion of assets under management. General Atlantic has a broad portfolio of life science company investments.
Christian Hogg, Chief Exe…