September 17, 2015. TWi Pharmaceuticals, Inc. (“TWi”) (Stock Ticker: 4180.TT) today announced that it has priced and issued 14.40 million units of GDR (Global Depository Receipts) at US$ 6.05 per unit in the evening of September 16, Taipei Time. This fundraising was based on the issuance of 14.40 million new common shares, with each GDR unit represents 1 common share of TWi. The issue price was equivalent to NT$ 197.0 per TWi common share, which is a 9.8% discount from the average closing price of past 5 days, and raised a total of NT$ 2.83 billion. This round of fundraising set the record of the first Taiwanese pharmaceutical company issuing overseas GDR and also the highest amount raised among publicly listed Biotech/Medical sector in Taiwan stock markets.
“We are very pleased that TWi became the first company in Taiwan to raise funds through overseas GDR and leading among the peer domestic biotech/healthcare companies,” said Ms. Eva Ho, CFO of TWi. “This not only successfully brought in over US$ 87 million of overseas capital for the Company but also increased our QFII (Qualified Foreign Institutional Investors) holding percentage, which is the highest among Taiwan biotech companies, and promoted our corporate reputation and image around the globe. The investors that participated in the fundraising were all world-renowned institutional investors from Europe, America, and Asia. The overall interest level for this fundraising was very high among the investors.”
According to the underwriter, TWi’s GDR was priced at US$ 6.05 per unit. Calculated based on the exchange rate of US$ 1 to NT$ 32.574, the issue price for each TWi’s common share was equivalent to NT$ 197.0. Under the circumstances of global economic instability, imminent US dollar appreciation, sovereign debt problem in the EU zone, and turmoils among the emerging stock markets, investors were still very confident at the vision of Chairman Dr. Chih-Ming Chen and TWi’s niche market position in the U.S. generic industry due to its strong R&D capabilities, solid commercialization experiences, and elite executive team, eyeing on the long-term sustainability of the pharmaceutical industry. Investors have high hopes for the successful future development of TWi.
The underwriter and the global coordinator for this GDR is Morgan Stanley. The proceeds of the funds will be used for TWi’s continuous R&D efforts, increased investment in its Chinese subsidiary, and expansion of its Taiwan production lines.
About TWi Pharmaceuticals, Inc.
TWi Pharmaceuticals, Inc. is a leading specialty pharmaceutical company based in Taipei, Taiwan, focusing on the development of high barrier generic prescription products ranging from oral controlled release dosage form to novel drug delivery systems including the utilization of nanoparticles, transdermal, and polymeric oral delivery systems. Leveraging its internal research and development capabilities, together with operational flexibility, process development, manufacturing and regulatory expertise, TWi Pharmaceuticals concentrates on products and technologies that present significant barriers to entry or offer Paragraph IV first-to-file or first-to-market opportunities in the United States. For more information of TWi Pharmaceuticals, please visit www.twipharma.com.
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