Antengene Corporation Limited’s US$335 million Initial Public Offering

Herbert Smith Freehills has advised Goldman Sachs and JP Morgan as joint sponsors of biopharmaceutical company Antengene Corporation Limited (06996.HK)’s mainboard listing on the Stock Exchange of Hong Kong.

Antengene is a clinical-stage Asia-Pacific biopharmaceutical company focused on innovative oncology medicines. The company offers industry-leading R&D capabilities and a differentiated strategic approach to developing novel oncology therapies.

The IPO was over-subscribed more than 264 times at the Hong Kong public offering, raised over HK$2.6 billion (US$335 million), and listed on 20 November 2020. The offering attracted 10 cornerstone investors that subscribed to shares worth approximately HK$1.39 billion in total (approximately US$179 million).

Matt Emsley (Picture) and Stanley Xie led the team advising the sponsors, assisted by senior associates Jin Kong and Maisie Ko, associates Jaime Fong, Tracy Lee and Karen Liu, legal manager Jeffrey Lee in Hong Kong, and associate Sean Ji from Herbert Smith Freehills Kewei. Hong Kong trainees Rachel Lam, Joyce Chan and Troy Song, as well as paralegal Jessica Sun from Herbert Smith Freehills Kewei, also provided support.

Senior legal specialist Joanna Hu led Herbert Smith Freehills Kewei Joint Operation’s Alternative Legal Services businesses to provide high-efficiency solutions for document-intensive processes during the offering, assisted by senior legal analysts Selina Wang and Yuanyuan Yin as well as legal analyst Shawna Peng. Senior legal analyst Ellie Mao, lawyer Helen Liang and legal specialist Yilin Li also provided support. The Alternative Legal Services businesses are the only operations of their kind in mainland China.

Involved fees earner: Matt Emsley – Herbert Smith Freehills; Jaime Fong – Herbert Smith Freehills; Maisie Ko – Herbert Smith Freehills; Jin Kong – Herbert Smith Freehills; Jeffrey Lee – Herbert Smith Freehills; Tracy Lee – Herbert Smith Freehills; Karen Liu – Herbert Smith Freehills; Stanley Xie – Herbert Smith Freehills;

Law Firms: Herbert Smith Freehills;

Clients: Antengene Corporation Limited;

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Author: Michael Patrini