On October 13, 2024 Akeso Biopharma (9926. HK) ("Akeso", the "Company" ) reported that it has successfully raised approximately $250 million USD through a share placement (Press release, Akeso Biopharma, OCT 13, 2024, View Source [SID1234656029]). This offering has earned notable recognition among international investment firms, with the majority of our final subscribers being long-term funds and healthcare funds.

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This marks Akeso’s second successful share placement in 2024. Following this transaction, the Company’s cash on hand is expected to be 1.064 billion USD (7.5 billion RMB).

Seventy percent of the financing will be allocated to accelerating the global clinical development of innovative drugs developed internally by Akeso, with a primary focus on its core products in both China and international markets.

Dr. Xia Yu, Founder, Chairwoman, President, and Chief Executive Officer of Akeso Biopharma, stated: "The efficient completion of this share placement reflects Akeso’s long-term investment value being highly recognized by international long-term institutional investors and specialized institutions in the healthcare sector. The success of this financing will bolster Akeso’s global development strategy for a diversified pipeline of independently developed new drugs, particularly by accelerating multi-center international clinical trials led by Akeso. This initiative will enhance the global value exploration of our internally developed new drugs and further strengthen our competitiveness in the international market."