Ascentage Pharma Group International, a commercial-stage Chinese biotech developing small molecule inhibitors for cancer, raised $126 million by offering 7.3 million ADSs at $17.25, below the as-converted last close of its shares on the Hong Kong Exchange ($21.44).
The ADSs are expected to begin trading today under the symbol "AAPGV" on a "when-issued" basis, and on Monday, 1/27, under the symbol "AAPG" for "regular-way" trading.
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 plans to list on the Nasdaq under the symbol AAPG. J.P. Morgan and Citi acted as joint bookrunners on the deal.