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SUZHOU, China, Oct. 4, 2019 /PRNewswire/ — Innovent Biologics, Inc. (“Innovent” or “the Company”) (HKEX: 01801), a world-class biopharmaceutical company that develops and commercializes high quality medicines for the treatment of oncology, autoimmune, metabolic and other major diseases, announced today that it has agreed to place 97,000,000 new shares (the “Placing and Subscription Shares”) at HK$24.60 (the “Placing and Subscription Price”) with overwhelming subscription from well-known international and local investors.

The Placing and Subscription Price has been fixed at HK$24.60, which represents (i) a discount of approximately 6.82% to the closing price of HK$26.40 per share as quoted on the Stock Exchange on October 3, 2019; and (ii) a discount of approximately 2.61% to the average closing price of approximately HK$25.26 per Share as quoted on the Stock Exchange for the five consecutive trading days immediately prior to the date of the Placing and Subscription Agreement. The Placing and Subscription Shares represent (i) approximately 8.37% of the existing issued share capital of the Company; and (ii) approximately 7.73% of the enlarged share capital of the Company.

The net proceeds from this issuance, approximately HK$2,351.33 million, will be used for development of key pipeline products beyond the core products described in our IPO prospectus, such as late stage clinical and registration trials for our three in-licensed products from Incyte Corporation and our two first-in-class bispecific products IBI-302 (anti-VEGF/anti-complement bispecific fusion protein) and IBI-318 (anti-PD-1/anti-PD-L1 bispecific antibody, developed in collaboration with Eli Lilly) that are currently in Phase I clinical trial, and for future capacity expansion and general corporate use, as appropriate.

“Since the IPO in October 2018, Innovent has consistently achieved significant progress with respect to our robust drug pipeline and business operations. We would like to take this opportunity to express our gratitude to the strong support from many of our well-known pre-IPO and post-IPO investors. Without their continuous support, Innovent’s success would not have been possible.” Dr. Michael Yu, Chairman, President and CEO of the Company, said, “We will use the proceed from this fundraise to, further capture the tremendous market opportunities and particularly to advance the clinical development of key pipeline products such as the late stage licensed-in products from Incyte and the first-in-class bispecific molecules in our product pipeline.”

For further details on the placing and subscription, please refer to the announcement published by the Company dated October 4, 2019.

About Innovent

Inspired by the spirit of “Start with Integrity, Succeed through Action,” Innovent’s mission is to develop and commercialize high quality biopharmaceutical products that are affordable to ordinary people. Established in 2011, Innovent is committed to developing, manufacturing and commercializing high quality innovative medicines for the treatment of oncology, autoimmune, metabolic and other major diseases. On October 31, 2018, Innovent was listed on the Main Board of the Stock Exchange of Hong Kong Limited with the stock code: 01801.HK.

Since it was founded, Innovent has developed a fully-integrated platform which includes R&D, CMC (Chemistry, Manufacturing, and Controls), clinical development and commercialization capabilities. Leveraging the platform, the company has built a robust pipeline of 21 innovative assets in the fields of oncology, autoimmune, metabolic diseases and other major therapeutic areas. Sixteen have entered into clinical development, four have entered Phase III clinical trials, three monoclonal antibodies have their New Drug Application (NDA) under review and three of them have been granted with priority review status, and one, Tyvyt^® (sintilimab injection), is now approved for relapsed or refractory classical Hodgkin’s lymphoma (r/r cHL).

Innovent has built an international team of advanced talents in high-end biological drug development and commercialization, including many overseas experts. The company has also entered into strategic collaborations with Eli Lilly and Company, Adimab, Incyte, Hanmi and other international pharmaceutical companies. Innovent strives to work with all relevant parties to help advance China’s biopharmaceutical industry, improve drug availability to ordinary people and enhance the quality of the patients’ lives. For more information, please visit: www.innoventbio.com.

Contact:

Media:
pr@innoventbio.com
+86 512-6956 6088

Investors:
ir@innoventbio.com
+86 512-6956 608 

SOURCE Innovent Biologics, Inc.

Related Links

http://www.innoventbio.com