HK-listed Genscript Biotech hits over 2-year high, GNS to buy 8% stake

Genscript Biotech

14/05/2021 06:46

** Shares of Chinese biotech firm Genscript Biotech Corp
 1548.HK  jump as much as 12% to HK$22, their highest since
April 2019, in afternoon trade resumed after a morning halt. 
    ** Stock last up 7.2%, on track for the best day since May
10 and on course for third straight session of gains
    ** Jiangsu-based company says controlling shareholder
Genscript Corp plans sale of 61.8 mln shares to GNS Holdings Ltd
at HK$18.658 each for HK$1.15 bln ($148.05 mln)  urn:newsml:reuters.com:*:nFWN2N01DF
    ** Company says it has also agreed to sell 102.98 mln new
shares to GNS at HK$18.658 each, raising HK$1.92 bln ($247.19
mln) for research and development, expanding manufacturing
facility and for working capital  urn:newsml:reuters.com:*:nFWN2N01DD
    ** GNS, which Hillhouse Capital serves as investment
manager, will hold 8% of the biotech firm after the deal
    ** Hong Kong's healthcare index  .HSCIH  rises 2.1%
    ** The Hang Seng China enterprises index  .HSCE  climbs
0.5%, and the benchmark index  .HSI  gains 0.9%
    ** By last close, the stock had soared 74.1% this year
($1 = 7.7674 Hong Kong dollars)

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)