Oneness Biotech Co Ltd (合一生技) yesterday set the price for its global depositary receipt (GDR) at US$51.11 (equal to five common shares) — or US$10.22 per share — making it the biggest ever overseas fundraiser by a company in Taiwan’s biomedical sector.
With 3.46 million GDR units being issued, a total of US$177 million would be raised, the company said in a statement.
The price represents a substantial discount on Oneness shares traded on Taiwan’s over-the-counter market, which closed at NT$324.5 in Taipei trading on Tuesday. The stock yesterday fell 8.47 percent to NT$297.
The GDR issuance is the company’s first attempt to raise funds in international capital markets since going public in Taiwan in 2018.
It is also the largest GDR offering this year by a Taiwanese company outside the electronics sector.
Oneness develops plant-based drugs and biologically active chemicals that are purified and modified on a molecular level.
In April, Oneness reached an exclusive license agreement with LEO Pharma AS of Denmark for FB825, a novel atopic dermatitis and asthma drug candidate.
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