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Latham & Watkins Advises Underwriters in Alphamab Oncology’s Hong Kong IPO

December 12, 2019
Cross-border capital markets team supports leading biopharmaceutical company in raising HK$1.83 billion in Hong Kong initial public offering.

Alphamab Oncology, a biopharmaceutical company based in Suzhou, China, raised approximately HK$1.83 billion (US$234 million) in its Hong Kong initial public offering. The company has sold 179,403,000 shares at an offer price of HK$10.2 per share with nearly 200 times oversubscription in the Hong Kong public offering.  Morgan Stanley Asia Ltd., CLSA Capital Markets Ltd. and Jefferies Hong Kong Ltd. acted as joint sponsors for the transaction.

As a leading clinical-stage biopharmaceutical company in China with a fully integrated proprietary biologics platform in bispecifics and protein engineering, Alphamab focuses on the development of technologies and platforms of antibody-based therapies for oncology treatment. Alphamab intends to use the raised funds for the construction of its new manufacturing and research and development facilities in Suzhou and for working capital and general corporate purposes.

Cathy Yeung, Global Vice Chair of Latham & Watkins’ Capital Markets Practice and Chair of the firm’s Greater China Practice, commented: “We are thrilled to advise on the second biotech listing on the Main Board of the Stock Exchange of Hong Kong Limited under Chapter 18A of the listing rules in the same week. It further demonstrates the firm’s leading position in the global life sciences industry. We were able to provide integrated support with our China and US teams working closely together, highlighting our commitment to seamless client service across our platform."

Latham & Watkins LLP represented the underwriters in the transaction with a cross-border capital markets team led by Hong Kong partners Cathy Yeung, Allen Wang and Terris Tang, and San Diego partner Michael Sullivan, with Hong Kong partner Dominik Sklenar, Hong Kong counsel Louis Rabinowitz and Mandy Wong, Hong Kong associates Wei Wei, Carson Wong and Jonathan Leung, San Diego associate Jeffrey Woodley, Beijing associate Fan Wang. Advice was also provided by Washington, D.C. partners Elizabeth Richards, Ben Haas, David Frazier and Mike Morin and New York partner Alan Tamarelli.