Transaction Overview
Kintor Pharmaceutical Limited (Stock code: 9939.HK) is successfully listed on the Hong Kong Stock Exchange on May 22, 2020. CMBI acted as Joint Bookrunner and Joint Lead Manager for this IPO.
Kintor is a clinical-stage novel drug developer in China focused on the proprietary R&D of potential first-in-class and best-in-class drugs for cancers and other androgen receptor-related, or AR-related diseases. Our lead drug candidate, Proxalutamide, is a potential best-in-class drug undergoing phase III clinical trials in China and phase II clinical trials in the United States for metastatic astration-resistant prostate cancer, or mCRPC as well as clinical trials for breast cancer. Our mission is to become a global leader in the research, development and commercialisation of innovative therapies, focusing on indications with substantial unmet medical needs, in particular in the AR-related field. Kintor had developed a pipeline of five drug candidates as of the Latest Practicable Date, for which Kintor had obtained approvals to commence clinical trials in China, the United States and/or Taiwan. These clinical-stage drug candidates are composed of a phase III small molecule drug candidate, a phase II small molecule drug candidate, a phase II monoclonal antibody drug candidate, a phase I mTOR inhibitor drug candidate and an inhibitor of the hedgehog signal translation pathway for which we received IND approval in February 2020 (as of the publication date of the prospectus).
Kintor issued 92,347,500shares (assuming the Over-allotment Option is not exercised), and the transaction was priced at high end of the range HK$20.15, translating into a deal size of approximately HK$1,861 million (assuming the Over-allotment Option is not exercised). Four cornerstone investors are in with a total investment of US$115m, around 47.9% of the base deal size. Book is around 8 times covered and heavily oversubscribed by long funds, healthcare specialists, hedge funds and HNW investors. Hong Kong Public Offering has been 551.32 times oversubscribed triggering a 50% clawback to HKPO.
As the Joint Bookrunner and Joint Lead Manager, CMBI has introduced Foresight Orient Global Superior Choice SPC to subscribe US$5m as cornerstone. CMBI also fully leveraged distribution network and introduced many high-quality orders from International Long Only funds, Healthcare Specialist funds and top tier Chinese Long Only funds and insurance funds, perfectly demonstrating CMBI's broad investor coverage and strong underwriting capability.
The listing of Kintor Pharma in Hong Kong Stock Exchange Main Board is the 12th healthcare sector equity transaction completed by CMBI from 2019. This deal has consolidated the CMBI’s leading position in the healthcare sector. The successful completion of the global offering is another classic showcase of CMBI in serving China New Economy clients.
Source: Prospectus and Company Announcement
About Kintor
Kintor is a clinical-stage novel drug developer in China focused on the proprietary R&D of potential first-in-class and best-in-class drugs for cancers and other androgen receptor-related, or AR-related diseases. Our lead drug candidate, Proxalutamide, is a potential best-in-class drug undergoing phase III clinical trials in China and phase II clinical trials in the United States for metastatic astration-resistant prostate cancer, or mCRPC as well as clinical trials for breast cancer. Our mission is to become a global leader in the research, development and commercialisation of innovative therapies, focusing on indications with substantial unmet medical needs, in particular in the AR-related field.
Kintor had developed a pipeline of five drug candidates as of the Latest Practicable Date, for which Kintor had obtained approvals to commence clinical trials in China, the United States and/or Taiwan. These clinical-stage drug candidates are composed of a phase III small molecule drug candidate, a phase II small molecule drug candidate, a phase II monoclonal antibody drug candidate, a phase I mTOR inhibitor drug candidate and an inhibitor of the hedgehog signal translation pathway for which we received IND approval in February 2020.
Source: Prospectus
