Leading global law firm Herbert Smith Freehills Kramer has advised UBS AG Hong Kong Branch and Macquarie Capital Limited, the joint placing agents to CARsgen Therapeutics Holdings Limited (02171.HK) on CARsgen's HK$470 million Hong Kong top-up placing.
Under the transaction, the selling shareholder will place up to 23,700,000 existing shares at HK$19.84 per share and subscribe for the same number of new shares from CARsgen. The shares represent approximately 4.15% of CARsgen's existing issued share capital and approximately 3.99% of its enlarged issued share capital.
CARsgen Therapeutics is a biopharmaceutical company developing innovative CAR T-cell therapies for cancer, autoimmune diseases and other unmet clinical needs.
Herbert Smith Freehills Kramer was also the legal adviser to the underwriters in CARsgen's Hong Kong initial public offering in 2021.
The company will use the proceeds to support global clinical development, R&D, manufacturing capabilities and its direct sales commercialisation team, as well as working capital and general corporate purposes.
"We congratulate CARsgen on this latest fundraising," said Hong Kong partner Matt Emsley. "The transaction reflects the depth of Hong Kong's capital markets and their ability to support listed biotech companies in accessing capital efficiently."
"We are pleased to continue supporting CARsgen after its IPO," said Beijing partner Stanley Xie. "We have deep experience advising Hong Kong‑listed biotech companies and strong cross‑border execution capabilities, enabling us to deliver complex equity fundraisings efficiently and with certainty."
Partners Matt Emsley, Stanley Xie and Jin Kong* led a cross-office team advising the client, supported by Maisie Ko, Sean Ji, Crystal Chan and Justin Qiu.
*Due to regulatory requirements in Hong Kong, Jin Kong's official title is Senior Registered Foreign Lawyer.