Bora Pharmaceutical announced the successful pricing of its first overseas unsecured convertible corporate bond (ECB), raising $200 million (approximately NT$64 billion). The bond issuance, completed on August 29, 2024, marks the largest ECB fundraising in Taiwan’s biotech industry within the international capital market.
The five-year bonds, issued with a zero coupon rate, offer a yield of 2.75% and a conversion price of NT$964.60, representing a 30% premium over the closing price on the day of pricing. The bonds are set to be issued on September 5, 2024, and will be traded on the Singapore Exchange.
Bora’s debut in the international capital market garnered strong interest from institutional investors, with an oversubscription of the planned funds. Notably, LYFE High Point Limited, a professional long-term fund in the medical sector, participated significantly, indicating robust investor confidence in Bora’s growth prospects and business development.
The funds from this issuance will be used to repay bank borrowings and optimize Bora’s financial structure, enabling continued investment in advanced technology research, strategic alliances, and the company’s goal to rank among the top ten CDMO (Contract Development and Manufacturing Organization) facilities globally.
In recent years, Bora has pursued aggressive global expansion, including multiple mergers and acquisitions. This includes the recent purchase of Upsher-Smith’s sterile injection manufacturing plant in Maryland, and an alliance with Taifu Biotech, solidifying Baorui’s position as a leading player in the international CDMO industry. J.P. Morgan acted as the exclusive global coordinator and underwriter for this landmark bond issuance.
