On heels of reimbursement, Innovent raises $303M to ready Tyvyt rollout

Within one month of its stock reaching an all-time high, Innovent priced its second follow-on offering on the Hong Kong exchange early Thursday, raising HK$2.4 billion ($303.2 million) to expand manufacturing capacity in preparation for increased market access to Tyvyt following inclusion of the anti-PD-1 antibody in China’s National Reimbursement Drug List (NRDL).

Innovent Biologics Inc. (HKEX:1801) sold 78 million shares at HK$30.20, a 5% discount to Wednesday’s closing price of HK$31.80. ...