08 04 2016

Chi-Med’s $100 Million Initial Public Offering on Nasdaq

Shearman & Sterling advised Merrill Lynch, Pierce, Fenner & Smith Incorporated and Deutsche Bank Securities Inc. as joint global coordinators and joint bookrunners on Hutchison China MediTech Limited’s (Chi-Med) US initial public offering of American depositary shares on the NASDAQ Global Select Market.


Upon completion, the ordinary shares of Chi-Med will continue to be traded on the AIM market of the London Stock Exchange.

Majority-owned by the Hong Kong-listed CK Hutchison Holdings Limited, Chi-Med is a China-based, globally focused healthcare group that researches, develops, manufactures and sells pharmaceuticals and health-related consumer products. 

While China-Med’s innovation platform is focused on discovering and developing therapeutics in oncology and autoimmune diseases, the commercial platform manufactures, markets and distributes prescription drugs and consumer health products in China. Chi-Med raised $101.25m through the oversubscribed sale of 7.5m American Depositary Shares at $13.50 each.

The Shearman & Sterling team was led by partner Matthew Bersani (Hong Kong-Capital Markets), with support from counsel Mark Kessel (New York-Capital Markets) and Hae-Ran Song (Hong Kong-Capital Markets), associate Leo Wong (Hong Kong-Capital Markets) and senior legal assistant Derek Perriam (Hong Kong-Capital Markets). Involved fees earner: Matthew Bersani - Shearman & Sterling; Mark Kessel - Shearman & Sterling; Hae-Ran Song - Shearman & Sterling; Leo Wong - Shearman & Sterling; Derek Perriam - Shearman & Sterling;

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