--- title: "Ascentage Pharma prices U.S. IPO of 7,325,000 ADSs at US$17.25" url: "https://aibio.space/news/ascentage-pharma-prices-u-s-ipo-7-325-000-adss-us-17-25/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2025-01-24" section: "Financings" tickers: "HKEX:6855" source: "https://www.sec.gov/Archives/edgar/data/2023311/000110465925006029/tm2415654-19_424b4.htm" summary: "The ADSs are approved to list on Nasdaq under AAPG, with J.P. Morgan and Citigroup as the underwriters named on the cover. The company's ordinary shares ha" --- By the aibio.space news desk. Sources - [Ascentage Pharma Group International 424B4 (2025-01-24)](https://www.sec.gov/Archives/edgar/data/2023311/000110465925006029/tm2415654-19_424b4.htm) - [Ascentage Pharma Group International financial data (SEC XBRL)](https://www.sec.gov/Archives/edgar/data/2023311/000121390025032599/) [6855](https://aibio.space/companies/ascentage-pharma-international/) 2025-01-24 # Ascentage Pharma prices U.S. IPO of 7,325,000 ADSs at US$17.25 Tickers [6855](https://aibio.space/companies/ascentage-pharma-international/) The ADSs are approved to list on Nasdaq under AAPG, with J.P. Morgan and Citigroup as the underwriters named on the cover. The company's ordinary shares have traded in Hong Kong under code 6855 since October 28, 2019. ## Key facts - **Company**: Ascentage Pharma Group International (HKEX: 6855) - **News type**: Financings - **Primary source**: [Ascentage Pharma Group International 424B4 (2025-01-24)](https://www.sec.gov/Archives/edgar/data/2023311/000110465925006029/tm2415654-19_424b4.htm) *The lower Manhattan skyline. CC0, via rawpixel. The picture shows the field, not the companies named.* ## Terms of the offering Ascentage Pharma Group International priced its initial public offering in the United States in a [prospectus](https://www.sec.gov/Archives/edgar/data/2023311/000110465925006029/tm2415654-19_424b4.htm) dated January 23, 2025. The company is offering 7,325,000 American depositary shares, or ADSs, at US$17.25 per ADS. The ADSs represent 29,300,000 ordinary shares, and each ADS represents four (4) ordinary shares. The prospectus shows gross proceeds of US$126,356,250. Underwriting discounts and commissions are US$1.2075 per ADS, or US$8,844,937 in total, which leaves proceeds before expenses to the company of US$16.0425 per ADS, or US$117,511,312. The company granted the underwriters a 30-day option to buy up to an additional 1,098,750 ADSs at the public offering price, less discounts and commissions. The underwriters expect to deliver the ADSs against payment in New York on or about January 28, 2025. No public market existed for the ADSs before the offering. The ADSs have been approved for listing on the Nasdaq Global Market under the symbol "AAPG." Application will be made to The Stock Exchange of Hong Kong Limited to list the ordinary shares represented by the ADSs, and the company expects approval before those shares are issued at closing. ## Banks The cover names J.P. Morgan and Citigroup as the underwriters. ## Structure and China risk Ascentage Pharma describes itself as a Cayman Islands exempted company that operates in China and the United States through subsidiaries, not as a Chinese operating company. A majority of its business and operations is conducted in China, so the prospectus warns that the Chinese government has significant authority to influence its business. It says new policies or regulations could materially change its operations or the value of its securities, limit its ability to offer securities, or cause their value to decline significantly or become worthless. Investors buy equity in the Cayman company and obtain only indirect ownership of the operating companies. The offering is subject to a filing with the China Securities Regulatory Commission, and completing that filing is a condition to the offering. The company says it received the filing notice in December 2024. The prospectus also notes that the Public Company Accounting Oversight Board determined in December 2021 that it was unable to inspect or investigate completely registered accounting firms headquartered in mainland China or Hong Kong, including the company's auditor. ## Drugs and losses The company's lead drug, olverembatinib, is approved only in China. In patients whose disease had failed ponatinib, the company reports complete cytogenic response in 52.2% and major molecular response in 47.8%. In patients whose disease had failed asciminib, the rates are 30.8% and 26.7%. These are the company's figures from heavily pretreated patients, and the prospectus itself notes that clinical data obtained in China may not be accepted by the FDA or other foreign regulators and that the outcome of its ongoing clinical trials is uncertain. It plans to submit a new drug application to the FDA in 2026 if its registrational Phase 3 trial, POLARIS-2, is successfully completed. In June 2024 Ascentage gave Takeda Pharmaceuticals International AG an exclusive option to license olverembatinib. The company says it received US$100.0 million and could receive an option exercise fee and milestones of up to approximately US$1.2 billion in total, plus royalties of 12-19% of net sales. Its second lead asset, lisaftoclax, a Bcl-2 inhibitor, had a new drug application accepted with Priority Review by China's Center of Drug Evaluation in November 2024. The company has a history of losses. It reports a net profit of RMB162.8 million (US$22.4 million) for the six months ended June 30, 2024, against a net loss of RMB402.3 million for the same period of 2023. Net losses were RMB925.7 million (US$127.4 million) in 2023 and RMB882.9 million in 2022, and accumulated losses were RMB5,202.1 million (US$715.8 million) as of June 30, 2024. The company expects losses to increase as it develops and seeks approval for its drug candidates, including olverembatinib outside China. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story 6855 Ascentage Pharma Group International HKEX ยท China Open the starter desk ## More in Financings Financings ### [INmune Bio raises $4.50 million in registered direct offering with warrants](https://aibio.space/news/inmune-bio-raises-4-50-million-registered-direct-offering-warrants/) Oct 29, 2026 Financings ### [Lexeo Therapeutics files $300 million shelf registration](https://aibio.space/news/lexeo-therapeutics-files-300-million-shelf-registration/) Oct 29, 2026 Financings ### [ProKidney files $650 million shelf with $200 million Jefferies sales program](https://aibio.space/news/prokidney-files-650-million-shelf-200-million-jefferies-sales-program/) Oct 29, 2026 --- Source page: https://aibio.space/news/ascentage-pharma-prices-u-s-ipo-7-325-000-adss-us-17-25/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Ascentage Pharma prices U.S. IPO of 7,325,000 ADSs at US$17.25", 2025-01-24, https://aibio.space/news/ascentage-pharma-prices-u-s-ipo-7-325-000-adss-us-17-25/