GenScript Biotech to Raise HK$2.35 Billion in Share Placement at 4.69% Discount

GenScript Biotech has announced a share placement plan to issue 77.126 million new shares, representing approximately 3.38% of its enlarged share capital. The placement price is HK$30.50 per share, a 4.69% discount to yesterday's closing price of HK$32. The placement will raise HK$2.352 billion in gross proceeds, with net proceeds of HK$2.327 billion.

The company intends to use approximately 70% of the net proceeds to expand the production capacity and infrastructure of the group's AIDD platform, including automated high-throughput wet laboratory facilities, related equipment and laboratory upgrades. About 20% will be used for research and development related to the AIDD platform, integration of digital workflows and global business expansion. About 10% will be allocated to general corporate purposes and working capital.

Following the announcement of the placement, GenScript Biotech's share price rose, gaining as much as 5.4% to a high of HK$33.74. As of 9:50 p. m. , the stock was quoted at HK$33.04, up 3.3%, with turnover exceeding HK$520 million.