CStone Pharmaceuticals announces $232.29m share placement

CStone Pharmaceuticals (HKEX:2616) announced a share placement agreement to issue 80,000,000 new shares at a price of HK$2.933 per share, expecting gross proceeds of HK$234.64 million. The net proceeds, estimated at HK$232.29 million, will primarily fund further research and development of the Group's "Pipeline 2.0" assets, including CS5001 and CS2009. The placing shares represent approximately 6.23% of the existing issued share capital and 5.86% of the enlarged share capital following the placement. The Placing is conditional upon the Stock Exchange granting listing approval. Morgan Stanley Asia Limited is acting as the sole overall coordinator, placing agent, and bookrunner for the transaction. CStone Pharmaceuticals intends to apply proceeds to further R&D and general corporate purposes.