Hutchison China MediTech (Chi-Med) To Complete $100 Million U.S. IPO Next Week

Hutchison China MediTech (Chi-Med), a company developing novel drugs for oncology and autoimmune diseases, is scheduled to raise $100 million by listing ADS shares on the NASDAQ exchange. The offering values Chi-Med at almost $1 billion. Each ADS will be equal to one-half of each London-traded Chi-Med share. Chi-Med will issue 6.1 million ADSs at a price to be determined by demand, though it will probably be close to one-half the present London ADS value, or $16.33 each. The underwriters have the option of placing another $15 million of stock to cover overallotments. The transaction is scheduled to take place the week of March 14th.