BioPharma Dive January 23, 2025
The China-based drug developer has benefited from an upswing in licensing deals for experimental medicines that originated in the country’s laboratories.
Dive Brief:
- Ascentage Pharma, a cancer drug developer based in Suzhou, China, on Thursday raised just over $126 million in the first U.S. initial public offering by a biotechnology company this year.
- The company, which is already publicly traded in Hong Kong, sold 7,325,000 American depositary shares at $17.25 apiece, a lower price than it had projected earlier this week. Shares will begin trading on the Nasdaq Stock Exchange Friday under the ticker symbol “AAPG.”
- Ascentage will use the proceeds to develop treatments for cancer, among them a leukemia drug called olverembatinib that’s approved in China. Its IPO...
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