Covid-19 vaccine maker Clover Biopharmaceuticals eyes IPO
08:06, 26 October 2021
China-based Covid-19 vaccine maker Clover Biopharmaceuticals is seeking to raise over HKD2bn ($257m) from public listing in Hong Kong in early November.
The company plans to sell 150 million shares in initial public offering (IPO), 10% of which is set aside for local investors and the remaining 90% earmarked for international investors, it said in an exchange filing on Monday.
Indicative price range for the IPO shares is set between HKD12.8 and HKD13.5 apiece. Local investors can subscribe to the primary offering until 28 October. The final IPO price will be set on that date.
Goldman Sachs, China International Capital Corporation, and Credit Suisse have been appointed as underwriters for the public offering.
79% efficacy against Delta variant
Since January 2020, Clover has been developing protein-based vaccine against the novel coronavirus and received $328m funding from the Coalition for Epidemic Preparedness Innovations foundation for further research.
In June, global vaccine alliance Gavi signed a deal to buy 414 million doses of Clover’s vaccine under the COVAX facility for this year and next. The first delivery is expected in the final quarter of 2021, pending emergency use listing from the World Health Organization.
Last month, the company announced that clinical trials with over 30,000 participants across five countries showed its vaccine efficacy against the delta variant of the coronavirus reached 79%. The vaccine’s efficacy against the gamma variant was at 92% and 59% against the Mu variant.
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