Baker McKenzie has successfully advised 3SBio Inc. (a company listed on the Hong Kong Stock Exchange, “3SBio”) on the issuance of its new EUR 320 million zero-coupon convertible bonds (“New Bonds”) due 2025 through its SPV, as well as on the concurrent repurchase of its existing convertible bonds. The transaction was completed on 29 June 2020 and the New Bonds are listed on the Hong Kong Stock Exchange.
3SBio is a leading biotechnology company in the PRC and was founded in 1993. As a pioneer in the biotechnology industry in the PRC, 3SBio Group has extensive expertise in developing, manufacturing and commercializing biopharmaceuticals, principally non-monoclonal antibody biopharmaceutical products.
The Baker McKenzie team was led by partner Ivy Wong, who is the Asia Pacific Chair of the Firm's Capital Markets Practice. She was supported by local principal Xavier Amadei from Baker McKenzie Wong & Leow in Singapore, partner Duncan McGrath in Sydney and special counsel Rachel Wang and associates Bonnie Lau and Ray Chan in Hong Kong.
Commenting on the deal, Ivy said, "We are very pleased to be able to draw on our strong capabilities in capital markets and bring this deal to fruition for our longstanding client. We advised 3SBio in 2017 on the issue of its first EUR 300 million zero-coupon convertible bonds due 2022 and continued to advise 3SBio on the issuance of the New Bonds. This is a good testament of our long-term commitment to clients and the capabilities and expertise that we have for different types of capital markets transactions. We look forward to continuing to support their future legal needs and business growth."
Responding to the successful completion of the deal, Dr. Lou Jing, the Chairman of 3SBio, said, "There are not many concurrent issue and repurchase of convertible bonds in the market. We are pleased to have the Baker McKenzie team acting for us in both the 2017 issue and the New Bonds issue and achieve a successful completion of the deal."
Deutsche Bank and J.P. Morgan were the joint global coordinators, joint managers and joint bookrunners in relation to the bonds issuance.