On October 8, 2020 Everest Medicines Limited ("Everest Medicines" or the "Company"; Stock Code: 1952.HK), a biopharmaceutical company focused on developing and commercializing transformative pharmaceutical products that address critical unmet medical needs for patients in Greater China and other parts of Asia, reported the allotment results of the global offering (the "Global Offering") (Press release, Everest Medicines, OCT 8, 2020, View Source [SID1234568263]). The Offer Price has been determined at HK$55.00 per Offer Share.

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The Hong Kong Public Offer Shares initially offered under the Hong Kong Public Offering have been very significantly over-subscribed. A total of 308,757 valid applications have been received pursuant to the Hong Kong Public Offering through the White Form eIPO service and through the CCASS EIPO service for a total of 4,158,771,500 Hong Kong Public Offer Shares, representing approximately 654.41 times of the total number of 6,355,000 Hong Kong Public Offer Shares initially available for subscription under the Hong Kong Public Offering.

As the over-subscription in the Hong Kong Public Offering represents more than 100 times of the total number of Offer Shares initially available under the Hong Kong Public Offering, the reallocation procedure as disclosed in the section headed "Structure of the Global Offering – The Hong Kong Public Offering – Reallocation" in the Prospectus has been applied and 25,419,000 Offer Shares have been reallocated from the International Offering to the Hong Kong Public Offering. The final number of Offer Shares under the Hong Kong Public Offering is 31,774,000 Offer Shares, representing approximately 50% of the total number of Offer Shares initially available under the Global Offering (before any exercise of the Over-allotment Option).

The Offer Shares initially offered under the International Offering have been over-subscribed, representing approximately 27.0 times of the total number of Offer Shares initially available under the International Offering. After reallocation of the Offer Shares to the Hong Kong Public Offering from the International Offering, the final number of Offer Shares under the International Offering is 31,773,000 Shares, representing approximately 50% of the total number of Offer Shares initially available under the Global Offering (before any exercise of the Over-allotment Option). There has been an over-allocation of 9,532,000 Offer Shares and there are a total of 213 placees under the International Offering.

Based on the Offer Price of HK$55.00 per Offer Share, the net proceeds from the Global Offering to be received by the Company, after deduction of underwriting fees and commissions and estimated expenses payable by the Company in connection with the Global Offering, are estimated to be approximately HK$3,284.1 million (assuming the Over-allotment Option is not exercised).

The Company intends to apply the net proceeds from the Global Offering to develop and commercialize its four anchor products, to fund ongoing and planned clinical trials, preparation for registration filings and potential commercialization of other drug candidates in the Company’s pipeline, to fund the Company’s business development activities and the expansion of its drug pipeline, and for working capital and general and administrative purposes.

Dealings in the Shares on the Main Board of the Stock Exchange are expected to commence at 9:00 a.m. on Friday, October 9, 2020. The Shares will be traded in board lots of 500 Shares each, the stock code of the Shares is 1952.HK.

Goldman Sachs (Asia) L.L.C. and Merrill Lynch Far East Limited are the Joint Sponsors. Goldman Sachs (Asia) L.L.C., Merrill Lynch (Asia Pacific) Limited, Citigroup Global Markets Asia Limited, China International Capital Corporation Limited and Credit Suisse (Hong Kong) Limited are the Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers. Citigroup Global Markets Limited (in relation to International Offering), Nomura International (Hong Kong) Limited and Brocade River Asset Management Limited are the Joint Bookrunners and Joint Lead Managers.