Ocumension Therapeutics’ $200.4 Million Initial Public Offering

Davis Polk advised the underwriters on the deal. Sidley Austin advised Ocumension Therapeutics on the deal.

Ocumension Therapeutics completed its initial public offering on the Hong Kong Stock Exchange and an international offering and listing in reliance on Rule 144A and Regulation S. The gross proceeds from the offering amounted to approximately HK$1.55 billion (US$200.4 million) prior to any exercise of the over-allotment option.

Morgan Stanley, Goldman Sachs and UBS are acting as joint global coordinators, bookrunners, and lead managers.

Ocumension is a China-based ophthalmic pharmaceutical platform company dedicated to identifying, developing and commercializing first- or best-in-class ophthalmic therapies and has, in less than three years, built a strategically designed ophthalmic drug portfolio that is comprehensive, innovative and validated. As of the Latest Practicable Date, Ocumension had 16 drug assets in its portfolio, covering all major front- and back-of-the-eye diseases, making it one of only a few pharmaceutical companies in China with such full coverage.

The Davis Polk corporate team advising the underwriters included partners Li He and Yang Chu, counsel – registered foreign Xuelin (Steve) Wang, registered foreign lawyer Xiushan Sun and associates Lillian Lian, Jeffrey Chan, Vivian Chow. Counsel Alon Gurfinkel and associate Omer Harel provided tax advice.

The Sidley team was led by partners Mengyu Lu (Picture), Ruchun Ji, and Oliver Zhong and included Angela Zhang, China advisors Rock Liu, Stella Yang, and Pianpian Chen, Scarlet Feng, Weiya Mu, Jenny Han and Bill Feng, Jingwen Dong, Kaiwen Xu and Xinyang Li.

Involved fees earner: Jeffrey Chan – Davis Polk & Wardwell; Vivian Chow – Davis Polk & Wardwell; Yang Chu – Davis Polk & Wardwell; Alon Gurfinkel – Davis Polk & Wardwell; Omer Harel – Davis Polk & Wardwell; Li He – Davis Polk & Wardwell; Lillian Lian – Davis Polk & Wardwell; Xiushan Sun – Davis Polk & Wardwell; Xuelin Wang – Davis Polk & Wardwell; Pianpian Chen – Sidley Austin LLP; Jingwen Dong – Sidley Austin LLP; Scarlet Feng – Sidley Austin LLP; Bill Feng – Sidley Austin LLP; Jenny Han – Sidley Austin LLP; Ruchum Ji – Sidley Austin LLP; Ruchun Ji – Sidley Austin LLP; Xinyang Li – Sidley Austin LLP; Rock Liu – Sidley Austin LLP; Mengyu Lu – Sidley Austin LLP; Weiya Mu – Sidley Austin LLP; Kaiwen Xu – Sidley Austin LLP; Stella Yang – Sidley Austin LLP; Angela Zhang – Sidley Austin LLP; Oliver Zhong – Sidley Austin LLP;

Law Firms: Davis Polk & Wardwell; Sidley Austin LLP;

Clients: Goldman Sachs; Morgan Stanley; Ocumension Therapeutics; UBS;

Author: Michael Patrini