Ascentage Pharma Group International, a commercial-stage Chinese biotech developing small molecule inhibitors for cancer, announced terms for its IPO on Tuesday.
The Suzhou, China-based company plans to raise $149 million by offering 7.3 million ADSs at $20.34, the as-converted January 17 close of its shares on the Hong Kong Stock Exchange (6855). At the proposed price, Ascentage Pharma Group International would command a fully diluted market value of $1.8 billion.
Ascentage's lead drug olverembatinib, a next-generation tyrosine kinase inhibitor, is the only approved (2021) BCR-ABL1 inhibitor in China for patients with chronic or accelerate myeloid leukemia (CML) with T3151 mutations. It is currently being studied in a registrational Phase 3 trial in the US as a monotherapy, with an NDA submission expected in 2026. The company also has submitted and NDA in China for its second candidate, lisaftoclax, a novel Bcl-2 inhibitor being developed for relapsed and/or refractory chronic/small lymphocytic leukemia and other hematological malignancies, which it expects to begin commercializing in 2025 if approved.
Ascentage Pharma Group International was founded in 2009 and booked $123 million in sales for the 12 months ended June 30, 2024. It plans to list on the Nasdaq under the symbol AAPG. J.P. Morgan and Citi are the joint bookrunners on the deal. It is expected to price during the week of January 20, 2025.
