Zhong Lun Law Firm, Sullivan & Cromwell, Kirkland & Ellis and Commerce & Finance Law Offices assisted parties involved in Kelun-Biotech Biopharmaceutical completing an H-share placement on the HKEX, raising around HKD1.94 billion (USD250 million). The placement marks the largest new share issuance in the Hong Kong biopharmaceutical sector in the past 12 months.
The transaction was completed on 12 June, with Kelun-Biotech issuing 5,918,000 H shares at a placement price of HKD331.80 per share, raising a total of HKD1.94 billion.
Zhong Lun advised Kelun-Biotech on PRC legal matters, with the team led by partners Wen Zexiong and Liu Jia. Sullivan & Cromwell advised on Hong Kong law, led by Beijing-based partner Gwen Wong and Hong Kong-based partner Lin Ching-Yang.
Kirkland & Ellis advised Goldman Sachs and Citigroup Global Markets, which acted as the international placing agents for the transaction. Partner Lu Mengyu led the Kirkland team, supported by partner George Zheng. Commerce & Finance Law Offices counselled the domestic placement agent.
Kelun-Biotech was listed on the HKEX main board in July 2023. The biopharmaceutical company focuses on the research, development, manufacturing and commercialisation of innovative drugs for tumours as well as autoimmune, inflammatory and metabolic diseases.
