Suzhou-based biotech firm Ascentage Pharma has raised HK$410m $53 million in a Hong Kong IPO according to a deal term sheet, as trendy biotech listings prevail amid social tensions.
The developer of cancer and hepatitis treatments has sold 12.2 million shares, or 5.9% of the enlarged share capital, at the top of the HK$32.20 to HK$34.20 indicative range. There is also a greenshoe option of 1.8 million shares.
Sino Biopharm has come in as a cornerstone investor with a $20 million allocation.
Ascentage Pharma is the 16th Hong Kong IPO to launch this month double the number of listings in September....