(Reuters) – Ascentage Pharma said on Thursday it aims to raise $126.4 million in an initial public offering in the United States, becoming the first sizeable Chinese firm to seek a listing in the U.S. this year.
Ascentage, backed by Japan’s biggest drugmaker Takeda Pharmaceutical aims to raise $126 million by offering about 7.3 million American depositary shares at $17.25 each, below its initial plan to offer shares at $20.34 apiece.
China-based Ascentage, whose shares have been listed on the Hong Kong stock exchange since 2019, is focused on developing and commercializing therapies that target malignancies.
Ascentage will list on the Nasdaq under the symbol “AAPG.” J.P.Morgan and Citigroup are the underwriters for the offering.
(Reporting by Gursimran Kaur in Bengaluru; Editing by Subhranshu Sahu and Alan Barona)
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