Suzhou's Ascentage Pharma Stages $53 Million IPO on the Hong Kong Stock Exchange

Ascentage Pharma of Suzhou (Ascentage Pharma), a leading enterprise in the Chinese pharmaceutical industry, completed a $53 million Hong Kong IPO, pricing the offering at the top end of the indicated range with a market capitalization of almost $890 million. 

The IPO received exceptionally strong demand with the retail tranche being more than 755 times oversubscribed, making it one of the most oversubscribed deals in Hong Kong in 2019. The IPO proceeds will be earmarked for the R&D and commercialization of new drugs and applying for certifications.

Sino Biopharm was a cornerstone investor in the transaction with an order for $20 million of shares.

Ascentage Pharma is a globally-focused, clinical-stage biotechnology company engaged in developing novel therapies for cancers, hepatitis B virus, and age-related diseases. The company focuses on developing therapies that inhibit protein-protein interactions to restore apoptosis or programmed cell death. Its leading drug, HQP1351, is in Phase II/III trials for chronic myeloid leukemia.

Ascentage Pharma has built a pipeline of eight drug candidates, including a novel, highly potent Bcl-2/Bcl-xL inhibitor, as well as candidates aimed at IAP and MDM2-p53 pathways, and next-generation tyrosine kinase inhibitors. The company has conducted 28 Phase I/II clinical trials to evaluate the eight products in the United States, Australia, and China, developing the potential therapies as a single agent or in combination.

Sino Biopharm was a cornerstone investor in the transaction with an order for $20 million of shares. Adhering to CP Group's operating principles and core values of “benefiting the state, the people and the enterprise”, Sino Biopharm has become a decisive force in the Chinese pharmaceutical industry through its continuous reformation and innovation in the fields of R&D, production and sales, with the business covering pharmaceutical, medical, and massive health fields, and has more than 20 shareholding member companies.