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Sumitomo Pharma to Raise Up to \116.4 Billion Through Public Offering
Sumitomo Pharma <4506> announced after the market close on the 8th that it will conduct a public offering. The company plans to issue 51,304,400 new shares domestically and internationally, with an over-allotment option of up to 7,695,600 additional shares subject to demand. The offering price will be determined on one of the days between the 20th and the 23rd. The total number of issued shares is expected to increase by up to 14.8%. Net proceeds of up to approximately \116.49 billion will be allocated to research and development, primarily to fund clinical trials for two oncology treatments ? "encorafenib" and "nuvercertib" ? as well as to repay interest-bearing debt.
Source: MINKABU PRESS
*Translated by generative AI. Click here for the original article.
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