Ascentage Pharma, a clinical-stage Chinese biotech developing novel therapies for cancer, hepatitis B, and age-related diseases, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
Ascentage's lead drug olverembatinib, a next-generation tyrosine kinase inhibitor, is the only approved (2021) BCR-ABL1 inhibitor in China for patients with chronic or accelerate myeloid leukemia with T3151 mutations. It is currently being studied in a registrational Phase 3 trial in the US as a monotherapy, with an NDA submission expected in 2026. The company also has submitted an NDA in China for its second candidate, lisaftoclax, a novel Bcl-2 inhibitor being developed for relapsed and/or refractory chronic/small lymphocytic leukemia and other hematological malignancies, which it expects to begin commercializing in 2025, if approved.
The Suzhou, China-based company was founded in 2009 and booked $124 million in sales for the 12 months ended June 30, 2024. It plans to list on the Nasdaq under the symbol AAPG. Ascentage Pharma filed confidentially on June 14, 2024. J.P. Morgan and Citi are the joint bookrunners on the deal. No pricing terms were disclosed.
