Takeda-backed Ascentage Pharma falls in Nasdaq debut after discounted $126 mln IPO

Ascentage Pharma International

24/01/2025 17:29

** Shares of China-based Ascentage Pharma  AAPG.O  fall 1.1%
to $17.06 in their Nasdaq debut after rising as much as 4.3%
    ** Stock opened for trading at $17.25/shr, valuing the
Chinese drugmaker at $1.48 bln
    ** AAPG sold ~7.3 mln American depositary shares (ADSs) at
$17.25/shr, representing roughly a 20% discount to Thursday's
closing price of its Hong Kong-listed stock
    ** Co's shares have been listed in Hong Kong since 2019    
    ** Japan's biggest drugmaker Takeda Pharmaceutical  4502.T 
is among Ascentage's backers
    ** J.P. Morgan and Citigroup were the joint book-running
managers for the offering
    ** Ascentage's olverembatinib is approved in China to treat
chronic myeloid leukemia




 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com))