TMO - Week In Review: Suzhou's Ascentage Pharma Stages $53 Million IPO In Hong Kong
Deals and Financings
Ascentage Pharma of Suzhou completed a $53 million Hong Kong IPO, pricing the offering at the top end of the indicated range with a market capitalization of almost $890 million. The company is developing therapeutics for cancer based on its expertise in protein-protein interaction and apoptosis. Its lead drug, HQP1351, is in Phase II/III trials for chronic myeloid leukemia. Some of the IPO proceeds will be earmarked for commercialization of the candidate. Sino Biopharm (HK: 1177) was a cornerstone investor in the transaction with an order for $20 million of shares.
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