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An announcement from CANbridge Pharmaceuticals Inc. ( (HK:1228) ) is now available.
CANbridge Pharmaceuticals has entered into a subscription agreement to issue 84,033,613 new shares at HK$2.38 per share to a Hong Kong limited partnership indirectly wholly owned by WuXi Biologics. The pricing represents a discount to recent market prices, and the listing of these subscription shares on the Hong Kong Stock Exchange is subject to regulatory approval.
The share sale is expected to raise approximately HK$199 million in net proceeds, which CANbridge plans to use for working capital and registration maintenance of commercialized products, research and development of its existing pipeline, and settlement of group trade payables. The transaction, which remains conditional on the fulfillment or waiver of certain conditions, underscores ongoing strategic financial support from a major biologics contract research and manufacturing player.
The most recent analyst rating on (HK:1228) stock is a Buy with a HK$3.00 price target. To see the full list of analyst forecasts on CANbridge Pharmaceuticals Inc. stock, see the HK:1228 Stock Forecast page.
More about CANbridge Pharmaceuticals Inc.
CANbridge Pharmaceuticals Inc. is a biopharmaceutical company focused on developing and commercializing therapeutics, with a portfolio that includes commercialized products and a pipeline of drug candidates. The company operates in the healthcare and life sciences sector, with a focus on biopharmaceutical innovation and related research and development activities.
Average Trading Volume: 3,434,975
Technical Sentiment Signal: Buy
Current Market Cap: HK$1.43B
For an in-depth examination of 1228 stock, go to TipRanks’ Overview page.