ASLAN Pharmaceuticals, a biotechnology company based in Singapore has announced that it will conduct a competitive auction and public offer of common shares for its initial listing on Taipei Exchange (TPEx).
KGI will be the leading underwriter for the auction which funds are targeted to raise US$ 40 million intended for its public listing on the Taipei Exchange.
The pharmaceutical company will be offering a totaled amount of 13,012,000 shares to the public, of which 10,409,000 share shares are offered via competitive auction and 2,602,000 shares are up for a public subscription when the competitive auction ends.
The competitive auction will be held from 10 to 12 May 2017 with its minimum bid price set at NT$ 64 per share. The minimum bidding unit for each buyer is 1,000 shares.
This auction is expected to raise funding up to NT$ 666,176,000, which translates to about US$ 22.06 million.
Winning bids will be decided by the American auction format and the bids opening are slated to take place on 16 May 2017. ASLAN expects to start trading on TPEx in early June 2017.
Meanwhile, the public subscription will begin on 18 May 2017, and it will be based on the weighted average of all successful bids from the competitive auction.
The ceiling price will be 1.25 times the minimum bid price, or NT$ 80. This is expected to raise $ NT208,160,000 (US$ 6.89 million).
Founded in 2010, the company focuses on the development of immunotherapies and targeted agents for Asia prevalent tumor types. The startup is led by a team of highly-experienced industry veterans with a strong track record in clinical development.
ASLAN currently has a pipeline of five novel compounds focusing on the treatment of Asia-prevalent tumors. Its lead asset, Varlitinib has commenced a global pivotal study in biliary tract cancer following the Investigational New Drug approval from the US Food & Drug Administration.
ASLAN has been able to generate revenues through two out licensing deals, attract international institutional investors, and forge strong partnerships with world-leading research institutions and international biopharmaceutical companies.