Everest Medicines (symbol: 1952 HK), a privately held company in the portfolio of HBM Healthcare Investments, today completed its announced initial public offering on the Hong Kong Stock Exchange. The company raised HKD 3.5 billion (CHF 413 million) of new capital through the issuance of 63.5 million shares at a price of HKD 55.00 per share. The share closed today at HKD 72.75 (+32.3%) on the first day of trading.
HBM Healthcare Investments has been invested in Everest Medicines since June 2018 and holds 1.1 million shares worth HKD 81 million (CHF 9.6 million). The investment was previously valued at cost of HKD 31 million (CHF 3.7 million).
In addition, HBM Healthcare Investments has an indirect participation in Everest Medicines of slightly more than CHF 4 million through the C-Bridge Capital IV Fund.
About Everest Medicines
Everest Medicines Limited is a biopharmaceutical company focused on developing and commercializing transformative pharmaceutical products that address critical unmet medical needs for patients in Greater China and other Asian markets. The company has built a portfolio of eight potentially global first-in-class or best-in-class molecules, many of which are in late stage clinical development. These include TrodelvyTM, a breast cancer drug developed by Immunomedics (Nasdaq: IMMU), which was approved by the FDA in the US this year. The Company’s therapeutic areas of interest include oncology, autoimmune disorders, cardio-renal diseases and infectious diseases.
For further information, please contact Dr Andreas Wicki on +41 41 710 75 77, or at [email protected].