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Zhaoke Ophthalmology Limited

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EQS-News News vom 16.04.2021

Zhaoke Ophthalmology Limited (6622.HK) Announces Proposed Listing on the Main Board of SEHK_Final


EQS-News / 16/04/2021 / 11:26 UTC+8

Zhaoke Ophthalmology Limited (6622.HK) Launches Its HKPO with 8 Cornerstone Investors to Fuel Its Future Growth

 

 

(April 16, 2021, Hong Kong) Zhaoke Ophthalmology Limited ("Zhaoke Ophthalmology" or the "Company"; stock code: 6622), an ophthalmic pharmaceutical company dedicated to the research, development and commercialization of therapies that address significant unmet medical needs, announced the proposed listing of its shares on the Main Board of The Stock Exchange of Hong Kong Limited ("SEHK") today. Goldman Sachs (Asia) L.L.C., and Jefferies Hong Kong Limited are the Joint Sponsors, Joint Representatives, Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers.

 

Zhaoke Ophthalmology plans to offer an aggregate of 123,567,500 Offer Shares under the Global Offering (subject to the Over-allotment Option), consisting of 111,210,500 International Placing Shares (subject to the Over-allotment Option and adjustment) and 12,357,000 Hong Kong Offer Shares (subject to adjustment), at a price range between HK$15.38 and HK$16.80 per Offer Share.

 

The public offering will open at 9:00 a.m. on April 16, 2021 (Friday) and close at 12:00 noon on April 21, 2021 (Wednesday,) in Hong Kong. Dealings in shares on SEHK are expected to commence on April 29, 2021 (Thursday), with the stock code 6622 in board lots of 500 shares each.

 

The Global Offering of Zhaoke Ophthalmology has accepted CaaS Capital Master Fund LP, GIC Private Limited, Golden Valley Global Limited, Jennison Associates LLC, Mass Ave Global, Inc.,  Matthews International Capital Management, LLC, OrbiMed Partners Master Fund Limited and OrbiMed Genesis Master Fund, L.P. and VMS Zhaoke Investment Fund SP as the cornerstone investors, who intend to subscribe Offer Shares in an aggregate amount of US$55 million.

 

Zhaoke Ophthalmology has received strong endorsement from some blue-chip investors, including GIC, Hillhouse Capital, TPG, Loyal Valley Capital, Orbimed and Aier Eye Hospital since its establishment.

 

 

 

 

Comprehensive Ophthalmic Drug Pipeline Covering Most Major Ocular Indications

 

Zhaoke Ophthalmology is an ophthalmic pharmaceutical company dedicated to the research, development and commercialization of therapies that address significant unmet medical needs in China. Leveraging its deep domain expertise while designing the pipeline, the Company has initially placed strategic emphasis on five major ophthalmic indications in China in terms of market potential, including dry eye disease, or DED, wet age-related macular degeneration, or wAMD, diabetic macular edema, or DME, myopia and glaucoma. Up to now, the Company has built a comprehensive ophthalmic drug pipeline of 25 candidates that covers most major ocular indications affecting the front and the back of the eye, through either in-house development or in-licensing.

 

The Company has already established a commercial-scale advanced manufacturing facility, which is designed and built for ophthalmic drugs in compliance with cGMP requirements of China, the United States and the EU. At the same time, the Company is also assembling a commercial team in anticipation of near-term product launch. The Company's goal is to become a leader in China and the neighboring ASEAN countries.

 

Balanced Pipeline with Near Commercial-Stage Generic Assets;

 

China has a large and underserved ophthalmic patient population. In 2019, the total prevalence of ocular diseases and disorders in China was significantly higher than the United States, yet the ophthalmic pharmaceutical market was only one-sixth as large, according to CIC. This suggests significant growth potential. According to CIC, the Chinese ophthalmic pharmaceutical market is forecast to grow from US$2.6 billion in 2019 to US$20.2 billion in 2030, at a CAGR of 20.6%. However, the market is fragmented, lacking a leader with ophthalmic-focused expertise that can provide a comprehensive solution for this specialty therapeutic area.

 

To address this attractive market opportunity, the Company has built an ophthalmic drug pipeline comprising 13 innovative drugs and 12 generic drugs as classified under NMPA drug registration regulations. The innovative pipeline of the Company includes 8 drug candidates which have the potential to be market-leading products in China if approved. The generic pipeline includes 6 potential first-to-market generics in China, which the Company believes will bring near-term cash flows and significant first-mover advantages in commercial-scale manufacturing and marketing. According to CIC, the Company has one of the most comprehensive ophthalmic drug pipelines in China.

 

Up to now, in addition to the CsA ophthalmic gel, for which is expected to submit an NDA with the NMPA in the fourth quarter of 2021, the Company also plans to submit nine abbreviated NDAs for its generic drug candidates in the next three years. The Company expects to launch its most advanced generics, three near commercial-stage drugs, by 2022, including Bimatoprost (indicated for glaucoma), Epinastine HCl (indicated for allergic conjunctivitis), and Bimatoprost timolol (indicated for glaucoma).

 

Dr. Li Xiaoyi, Chairman of the Board, Executive Director and CEO of Zhaoke Ophthalmology, said, "Leveraging our deep domain expertise, Zhaoke Ophthalmology has built a comprehensive ophthalmic drug pipeline of 25 candidates that covers most major ocular indications affecting the front and the back of the eye, through either in-house development or in-licensing. Going forward, we will build a durable and recognized "Zhaoke Ophthalmology" brand in China and other markets of interest; establish a track record in innovation by advancing the clinical development, regulatory approval and commercialization of innovative drug candidates; extend leadership in innovation by rapidly advancing our preclinical- or IND-stage drug candidates through internal research and strategic partnerships; build marketing infrastructure and momentum by rapidly commercializing generic pipeline; continue to enhance our fully integrated ophthalmic platform; and expand our global footprint through organic growth and collaborations."

 

Use of Proceeds (Percentage of the net proceeds (%))

 

Assuming an Offer Price of HK$16.09 per Offer Share (being the mid-point of the Offer Price range) and that the Over-allotment Option is not exercised, the net proceeds from the Global Offering receivable by the Company will be approximately HK$1,857.8 million. The Company intends to use the net proceeds of the Global Offering for the following purposes:

 

  • To fund the clinical development and commercialization of Core Products: 32%
  • To fund the continuing research and development activities as well as commercialization of the other drug candidates in the Company's pipeline: 46%
  • To carry out the production line expansion of the Company's Nansha manufacturing facility in anticipation of product launches in the coming years: 7%
  • To fund the business development activities and the expansion of drug pipeline: 5%
  • For working capital and other general corporate purposes: 10%

 

 

 

 

 



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16/04/2021 Dissemination of a Marketing Press Release, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

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