Hillhouse-Backed BeiGene Completes $158M US IPO

Beijing-based cancer drug developer BeiGene (Beijing) Co., Ltd., backed by Hillhouse Capital and CITIC Private Equity, has completed an initial public offering in the U.S., raising around US$158 million.

The company sold 6.6 million shares at US$24 per share, at the upper end of its indicative price range of US$22 to US$24.

Its shares began trading on Wednesday, and closed at US$28.32, up 18% on its first day as a listed company on the NASDAQ.

The listing comes four months after the company filed for a listing in October 2015.

In May 2015, BeiGene completed a round of financing worth RMB600 million (US$97 million) co-led by Hillhouse Capital, with participation from CITIC Private Equity and other investors.

In 2014, the company raised RMB450 million (US$75 million) from Hillhouse Capital, CITIC Private Equity, and other existing investors.

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