Davis Polk Advises CStone Pharmaceuticals on Its HK$2.24 Billion (US$285.05 Million) Initial Public Offering

Davis Polk advised CStone Pharmaceuticals in connection with its initial public offering and listing on the Hong Kong Stock Exchange and an international offering in reliance on Rule 144A and Regulation S. The gross proceeds from the offering amounted to approximately HK$2.24 billion (US$285.05 million) prior to any exercise of the over-allotment option.

CStone is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative immuno-oncology and molecularly targeted drugs to address significant unmet medical needs in cancer treatment. Founded in 2015, CStone has built a rich oncology pipeline with significant mono- and combination-therapy potential and synergies.

The Davis Polk corporate team included partners Bonnie Y. Chan and Li He, counsel Yang Chu, counsel-registered foreign lawyer Xuelin (Steve) Wang, registered foreign lawyer Jennifer (Yujia) Jiang and associate Esther Leung. Counsel Alon Gurfinkel and associate Veronica Davis provided tax advice. Members of the Davis Polk team are based in the Hong Kong and London offices.