Suzhou-based Ascentage Pharma (HKG: 6855) is set to conduct a secondary offering of 22.5 million new shares to prominent investors, including JPMorgan Chase & Co., China International Capital Co., Ltd, and Citigroup Global Markets Asia Ltd. The offering is priced at HKD 24.45 (USD 3.12) per share, raising a total of HKD 550 million (USD 70.25 million). This capital infusion aims to accelerate the company’s product pipeline development and commercialization efforts.
Proceeds Allocation
The proceeds from the secondary offering will be directed towards ramping up the development and commercialization of Ascentage’s product pipeline. Key focus areas include the company’s core products olverembatinib (HQP1351) and APG-2575, both of which are BCR-ABL-targeted tyrosine kinase inhibitors (TKIs). These investments underscore Ascentage’s commitment to advancing innovative therapies in oncology.
Future Outlook
With this significant funding, Ascentage Pharma is well-positioned to enhance its R&D capabilities and bring its pipeline products closer to market. The support from leading financial institutions reflects confidence in Ascentage’s growth potential and strategic direction in the biopharmaceutical sector.-Fineline Info & Tech
