Suzhou, China-based Ascentage Pharma (6855: HK) revealed that it plans to raise $149 million by offering 7.3 million American Depositary Shares (ADSs) at $20.34, the as-converted January 17 close of its shares on the Hong Kong Stock Exchange.
At the proposed price, Ascentage Pharma Group International would command a fully diluted market value of $1.8 billion, noted the company, whose shares rose 13.7% to HK$44.00 following the announcement.
The proposed offering comes a little over six months after Ascentage struck an option agreement with Japan’s Takeda (TYO: 4502), under which the latter paid $100 million upfront and committed up to $1.2 billion in milestones for the Hong Kong-listed firm’s lead drug olverembatinib.
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