BeiGene RMB22.2 billion Shanghai IPO
The offering, equivalent to $3.5 billion, is the largest biotech IPO to date in 2021
Davis Polk advised the representatives of the several underwriters in connection with the initial public offering and listing of BeiGene, Ltd. on the Science and Technology Innovation Board (the “STAR Market”) of the Shanghai Stock Exchange (stock code: 688235). The gross proceeds from the offering amounted to approximately RMB22.2 billion ($3.5 billion). The ordinary shares offered in the offering have been registered with the U.S. Securities and Exchange Commission.
BeiGene is a global, commercial-stage biotechnology company focused on discovering, developing, manufacturing and commercializing innovative medicines to improve treatment outcomes and access for patients worldwide. Upon the completion of this offering, the ordinary shares of BeiGene are listed on each of Nasdaq, the Hong Kong Stock Exchange and the STAR Market. The listing on the STAR Market makes BeiGene the first biotech company in the world to be listed on all three markets. This offering is also the largest initial public offering by a biotech company in 2021 to date.
The Davis Polk corporate team included partners James C. Lin and Li He, counsel – registered foreign lawyer Kevin Zhang and registered foreign lawyers Mendtuvshin (Mendee) Enkhtaivan and Alex Cui. All members of the Davis Polk team are based in the Hong Kong office.