Transaction Overview
- The Company is a globally-focused, clinical-stage biotechnology company engaged in developing novel therapies for cancers, hepatitis B virus, or HBV, and age-related diseases. Leveraging the technical expertise in structure-based drug design and its innovative drug discovery engine, the Company has developed a robust pipeline of eight clinical stage small molecule drug candidates
- Ascentage Pharma issued 12,180,900 new shares in the global offering (assuming Over-Allotment Option is not exercised) and was priced at HK$34.20 per share, the high end of the price range, with total proceeds being US$53 million (assuming Over-Allotment Option is not exercised)
- Sino Biopharm is the cornerstone investor in this IPO, with aggregate investment amount of US$20m, accounting for 38% of the base offer size, providing strong support for the Company’s successful listing
- Ascentage Pharma IPO has been widely recognized by investors. Despite a very challenging market backdrop, International offering has been multiple-times oversubscribed and Hong Kong Public Offering has been 752x oversubscribed, hitting the highest record of Hong Kong Public Offering in 2019
- As the Bookrunner and Joint Lead Manager in this project, CMBI leveraged strong network of investors, securing many high-quality long only anchor investors before book opening, which has made a critical contribution for the Company to seize the market window and successfully list
- This achievement was strongly support by various departments and local branch offices of the parent company CMB. The close cooperation among Corporate Finance, Equity Capital Markets, Research Department, Equity Department, Wealth Management Department, Legal & Compliance Department, Operation Department and other departments helps a lot.
Offering Summary
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Issuer: |
Ascentage Pharma Group International |
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Listing Date: |
Oct 28th, 2019 |
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Offering Amount: |
US$53 million (Pre-shoe) US$61 million (Post-shoe) |
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Indicative Price Range |
HK$32.20 – 34.20 |
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Offering Price: |
HK$34.20 |
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Offering Size: |
12,180,900 Shares (100% primary shares, 5.9% of the enlarged capital shares (assuming Over-Allotment Option is not exercised)) |
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Offering Structure: |
International Offering 6,090,400 Shares (50% of the base offer size) HKPO: 6,090,500 Shares (50% of the base offer size) (assuming Over-Allotment Option is not exercised) |
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Share Type: |
Ordinary Share |
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Stock Code: |
6855.HK |
About Company
The Company is a globally-focused, clinical-stage biotechnology company engaged in developing novel therapies for cancers, hepatitis B virus, or HBV, and age-related diseases. Leveraging the technical expertise in structure-based drug design and its innovative drug discovery engine, the Company has developed a robust pipeline of eight clinical stage small molecule drug candidates. Its pipeline consists of novel small molecule drug candidates that disrupt complex and difficult-to-target protein-protein interactions, or PPIs, and next generation tyrosine kinase inhibitors, or TKIs. Its PPI drug candidates are intended to treat cancer and other diseases by restoring the normal function of key intrinsic apoptotic pathways, including the Bcl-2/Bcl-xL, MDM2-p53 and IAP pathways, which play a pivotal role in regulating apoptosis. The Company is also developing several next generation TKIs to treat diseases with high unmet medical needs. The Company’s compounds are being developed for use as a single agent or in combination with other therapies. There are few currently approved drugs that utilize the new molecular entities targeting the new mechanisms of action involved in the novel therapies. As of June 30, 2019, the Company is conducting 28 Phase I or II clinical trials to evaluate eight drug candidates in the United States, Australia and China. In addition, the Company is developing and implementing biomarker strategies in drug discovery with the goal of improving the success rates of the clinical trials.
Source: Prospectus, the Company’s HKEX Deal Announcements, Dealogic
