On July 12, 2020 BeiGene, Ltd. (NASDAQ: BGNE; HKEX: 06160), a commercial-stage biotechnology company focused on developing and commercializing innovative molecularly-targeted and immuno-oncology drugs for the treatment of cancer, reported the pricing of a registered direct offering of 145,838,979 ordinary shares, par value $0.0001 per share (the "Ordinary Shares"), to certain existing investors (Press release, BeiGene, JUL 12, 2020, View Source [SID1234561820]).
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Each Ordinary Share is being sold for a purchase price of $14.2308 per share (equivalent to a price of $185 per American Depositary Share ("ADS"), resulting in gross proceeds of approximately $2.08 billion and net proceeds, after estimated offering expenses, of $2.07 billion. The offering is being made without an underwriter or a placement agent and as a result the Company will not be paying any underwriting discounts in connection with this offering.
The offering is expected to close on or about July 15, 2020, subject to customary closing conditions. BeiGene intends to use the net proceeds from the offering for working capital and other general corporate purposes, as disclosed in further detail in the prospectus supplement to be filed in connection with the offering.
The Ordinary Shares were offered pursuant to an automatically effective shelf registration statement that was previously filed with the U.S. Securities and Exchange Commission (the "SEC") on May 11, 2020. The final prospectus supplement relating to the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov.
Credit Suisse is acting as corporate finance advisor to the pricing committee of the Board of Directors of BeiGene in connection with this offering. Goodwin Procter LLP is acting as legal counsel to BeiGene in connection with this offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Ordinary Shares, nor shall there be any sale of the Ordinary Shares in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.