Ascentage Pharma Group International, a biopharma company focused on addressing unmet medical needs in hematological malignancies, has announced the pricing of its US IPO.
The company will offer 7,325,000 American depositary shares (ADSs) at $17.25 per ADS, raising approximately $126.4 million before expenses. Each ADS represents four ordinary shares of Ascentage Pharma. The IPO is set to begin trading on Nasdaq under the ticker “AAPGV” on January 24, 2025, with regular trading to kick off on January 27, 2025.
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The global market for hematological cancer treatment shows projections for drugs and diagnostics reaching $189.3 billion by 2029, driven by the increasing incidence of blood disorders, such as leukemia and advancements in diagnostic technologies.
Ascentage Pharma steps into cancer care with powerhouse pipeline aimed at tackling major hematological cancers. Their lead assets, olverembatinib and lisaftoclax, address some of the most challenging cancers, including chronic myeloid leukemia (CML), acute myeloid leukemia (AML) and chronic lymphocytic leukemia (CLL), among others.
Olverembatinib, a novel next-gen BCR-ABL1 tyrosine kinase inhibitor (TKI), is currently undergoing registrational Phase III trials. The drug is already approved in China for treating chronic myeloid leukemia (CML) in patients with the T315I mutation, and it is progressing through trials in the US for potential FDA approval by 2026.
Last year, Ascentage Pharma entered into an exclusive option agreement with Takeda Pharmaceuticals, under the terms of which, Takeda secured an exclusive option to license olverembatinib. This partnership could result in up to $1.2 billion in milestone payments, which would help accelerate the global development of olverembatinib.
In addition, olverembatinib is being tested in combination therapies for newly diagnosed Philadelphia chromosome-positive acute lymphoblastic leukemia (Ph+ ALL) and in patients with succinate dehydrogenase (SDH)-deficient gastrointestinal stromal tumors (GIST).
Lisaftoclax, a promising Bcl-2 inhibitor, is also in the spotlight with its ongoing Phase III trials. Lisaftoclax is being evaluated for the treatment of chronic lymphocytic leukemia (CLL) and small lymphocytic lymphoma (SLL), particularly in patients resistant to Bruton’s tyrosine kinase (BTK) inhibitors.
Lisaftoclax has Priority Review status in China for relapsed/refractory CLL/SLL and is undergoing registrational trials in the US for similar indications. Additionally, Lisaftoclax is being tested in combination with azacitidine for myelodysplastic syndromes (MDS) and acute myeloid leukemia (AML) in elderly or unfit patients.
In addition to its lead assets, Ascentage Pharma’s pipeline also includes other clinical-stage candidates such as alrizomadlin, a highly selective MDM2 inhibitor with orphan drug designations for several rare cancers, and pelcitoclax, a dual Bcl-2 and Bcl-xL inhibitor being tested in lung cancer and lymphoma.
Ascentage’s SEC prospectus revealed that they had faced some financial challenges, including significant losses. However, the company is committed to reinvesting heavily in its R&D, with plans to continue advancing its drug pipeline through both early- and late-stage clinical trials.
Looking ahead, Ascentage Pharma will focus on achieving regulatory approvals, particularly in the US and China, and driving commercialization efforts. Their recent global partnerships, including those with AstraZeneca, Merck and Pfizer, could position them for strong future growth.
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