China's Alphamab Oncology falls on discounted share sale

Alphamab Oncology

03/02/2023 03:35

** Shares of drug developer Alphamab Oncology  9966.HK  fall
as much as 6.1% to HK$15.80, on track for the biggest daily
decline since Jan. 17 if losses hold
    ** Jiangsu-based biopharmaceutical products maker plans to
sell 25 mln new shares to major shareholder Rubymab Ltd and
raise HK$380.5 mln ($48.50 mln) to fund several clinical trials
for its key products including for treatment of solid tumors
such as breast and gastric cancers 
    ** Says the new shares will be issued at HK$15.22 apiece, or
a 9.5% discount to Thursday's close of HK$16.82 each 
    ** Says Rubymab will buy the new shares following a sale of
the same number of existing shares at similar price to third
party investors 
    ** The Hang Seng Commerce & Industry Index  .HSNC  drops
2.1% while the healthcare index  .HSCIH  falls 1% 
    ** The Hang Seng Composite Index  .HSCI  slides 1.9% and the
Hang Seng Index  .HSI  declines 2%
($1 = 7.8455 Hong Kong dollars)
 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))