BRIEF: Ascentage Pharma gets Chinese regulatory nod for U.S. listing
Biopharmaceutical company Ascentage Pharma Group International (6855.HK) received a listing approval notice from the China Securities Regulatory Commission (CSRC) on Monday, a necessary step before it can make an overseas IPO. The company plans to list on the Nasdaq and issue up to 33.7 million common shares, according to the CSRC’s announcement of the listing’s official registration.
In June this year, Ascentage Pharma, which is already listed in Hong Kong, announced that Japan’s Takeda Pharmaceutical (4502.T) invested $75 million for 7.73% of Ascentage, becoming its second-largest shareholder. Takeda also get an exclusive option to develop and market the Ascentage’s olverembatinib drug outside of China and Russia, for an initial payment of $100 million.
After confirming its receipt of Takeda’s payment, Ascentage reported a net profit of 163 million yuan ($22.3 million) in the first half of 2024, representing its first profit since its establishment in 2009. Its revenue for the period rose 477% year-on-year to 824 million yuan.
By Lee Shih Ta
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