(Reuters) -Wuxi Apptec said on Thursday it will be raising HK$7.70 billion ($980.98 million) through a share placement to aid its global expansion plans.
The Chinese biotechnology giant will place 73.8 million new H shares at a price of HK$104.27 per share.
The placing price is at a a discount of about 6.90% to the stock’s closing price on July 30, which stood at HK$112, Wuxi said.
The company said that about 90% of the proceeds from the placement will be used to accelerate its global expansion, while 10% will be utilized to fund general corporate purposes.
($1 = 7.8493 Hong Kong dollars)
(Reporting by Adwitiya Srivastava in Bengaluru; Editing by Alan Barona)
