Ascentage Pharma Group International Inc. (NASDAQ: AAPG; HKEX: 6855) successfully completed a $192.3 million share placement on July 14, 2025, with the offering oversubscribed by eight times, signaling robust investor confidence in the global biopharmaceutical company's cancer-focused pipeline.
The company priced 22 million ordinary shares at HKD68.60 per share through an offshore placement by Dajun Yang Dynasty Trust, an affiliate of CEO Dajun Yang, M.D., Ph.D. The placement generated aggregate gross proceeds of approximately HKD1,509.2 million before deducting fees and expenses, with closing expected on July 17, 2025.
Strategic Use of Proceeds
Ascentage Pharma intends to deploy the net proceeds across three key areas: commercialization efforts including expanding coverage and improving patient access, global clinical development to advance core pipeline candidates, and infrastructure and working capital to strengthen global operations.
The funding comes at a critical juncture as the company advances multiple late-stage clinical programs for its two lead assets targeting hematologic malignancies and solid tumors.
Lead Asset Portfolio Drives Growth
The company's lead asset, olverembatinib, represents the first novel third-generation BCR-ABL1 inhibitor approved in China for treating patients with chronic myeloid leukemia (CML) in chronic phase with T315I mutations, CML in accelerated phase with T315I mutations, and CML-CP that is resistant or intolerant to first and second-generation tyrosine kinase inhibitors. The drug is covered by China's National Reimbursement Drug List (NRDL).
Ascentage is currently conducting an FDA-cleared, global registrational Phase III trial called POLARIS-2 of olverembatinib for CML, alongside global registrational Phase III trials for patients with newly diagnosed Philadelphia chromosome-positive acute lymphoblastic leukemia and succinate dehydrogenase-deficient gastrointestinal stromal tumor patients.
Lisaftoclax Gains Regulatory Momentum
The company's second lead asset, lisaftoclax, is a novel Bcl-2 inhibitor for treating various hematologic malignancies. The New Drug Application for treating relapsed and/or refractory chronic lymphocytic leukemia (CLL) and small lymphocytic lymphoma (SLL) recently received approval from China's National Medical Products Administration (NMPA).
Ascentage is conducting four global registrational Phase III trials for lisaftoclax: the GLORA study examining the drug in combination with BTK inhibitors in patients with CLL/SLL previously treated with BTK inhibitors for more than 12 months with suboptimal response; the GLORA-2 study in patients with newly diagnosed CLL/SLL; the GLORA-3 study in newly diagnosed, elderly and unfit patients with acute myeloid leukemia; and the GLORA-4 study in patients with newly diagnosed higher risk myelodysplastic syndromes.
Strategic Partnerships and Pipeline Development
Leveraging its robust R&D capabilities, Ascentage Pharma has built a portfolio of global intellectual property rights and established partnerships with leading biotechnology and pharmaceutical companies including Takeda, AstraZeneca, Merck, Pfizer, and Innovent. The company also maintains research and development relationships with leading institutions such as Dana-Farber Cancer Institute, Mayo Clinic, National Cancer Institute, and the University of Michigan.
The company has developed a rich pipeline of innovative drug candidates that includes inhibitors targeting key proteins in the apoptotic pathway, such as Bcl-2 and MDM2-p53, as well as next-generation kinase inhibitors, positioning it to address unmet medical needs in cancer treatment.
