Chinese COVID-19 vaccine developer Clover raised $240m net proceeds from Hong Kong IPO - Market News
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Chinese COVID-19 vaccine developer Clover raised $240m net proceeds from Hong Kong IPO

Chinese COVID-19 vaccine developer Clover raised $240m net proceeds from Hong Kong IPO

BEIJING, Nov. 5 (Reuters) – Chinese COVID-19 vaccine developer Clover Biopharmaceuticals said Thursday it has raised $240 million in net proceeds from an initial public offering (IPO) of shares in Hong Kong.

Based on the offer price of HK$13.38 ($1.72) per share, the net proceeds of the IPO, net of underwriting and other fees, are estimated to be approximately HK$1.87 billion ($240. 29 million), Clover said in a statement.

Debuts on Friday, shares of Clover (2197.HK) traded to HK$13.56, 1.3% above IPO price.

A large global study showed that Clover’s vaccine candidate was 67% effective against COVID-19 of any grade, and 79% against the highly contagious Delta variant, the company said in September. read more

The company has signed a deal to deliver up to 414 million doses of its COVID-19 vaccine through its global vaccine-sharing scheme COVAX.

Clover said in its prospectus that the majority of the proceeds would be used for research, production and commercialization of its core products.

($1 = 7,7832 Hong Kong dollars)

Reporting by Donny Kwok in Hong Kong and Roxanne Liu in Beijing; Editing by Kenneth Maxwell and Christopher Cushing

Our standards: The Thomson Reuters Trust Principles.

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