CStone Pharmaceuticals (HKG:2616) plans to issue up to 80 million shares to at least six investors under a placement deal at HK$2.933 apiece, according to a Wednesday filing with the Hong Kong bourse.

The shares comprise 5.86% of the entire share capital of the drug company following completion.

Net proceeds, estimated at HK$232.3 million, will be used for the development of cancer drugs and for other general corporate purposes.