Ascentage Pharma Group International, an SIP-based globally-focused, clinical-stage biotech company, went public at Hong Kong Exchanges and Clearing Market (HKEX) on Oct 28. It expects to raise HK$ 420 million through the sale of 12.1809 million shares at HK$ 34.2. 

 

Founded in 2009, Ascentage Pharma erected its headquarters in SIP in 2016. It aims to develop “first-in-class” and “best-in-class” small-molecule targeted therapeutics for addressing unmet medical needs in cancers, Hepatitis B and age-related diseases. 

The raised fund will be used to support follow-up R&D and commercialization of its staple products and the development of new candidate drugs, according to the company. 

 

It is noteworthy that the company attracted orders for 752 times its initial retail tranche, the highest among Hong Kong IPOs this year, and Sino Biopharm, a Chinese pharmaceutical conglomerate, has come in as a cornerstone investor with a US$20 million (appr. HK$157 million) allocation.