Sign Up

Ascentage Pharma Announces Pricing of Top-Up Placement

ROCKVILLE, Md. and SUZHOU, China, July 14, 2025 (GLOBE NEWSWIRE) -- Ascentage Pharma Group International Inc. (NASDAQ:AAPG, HKEX: 6855)) ("Ascentage" or the "Company"), a global biopharmaceutical company dedicated to addressing unmet medical needs in cancers, today announced the pricing of 22 million ordinary shares, par value $0.0001 per share, of the Company (the "Placement Shares"), at a price of HKD68.60 per share, in the offering by Dajun Yang Dynasty Trust, an affiliate of the Company's Chief Executive Officer, Dajun Yang, M.D., Ph.D. (the "Vendor") in an offshore transaction outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act of 1933, as amended (the "Securities Act")(the "Offshore Placement"), for aggregate gross proceeds of approximately HKD1,509.2 million (or approximately US$192.3 million based on exchange rate of 1 USD to 7.85 HKD), before deducting placing fees and other offering expenses. The Offshore Placement, which was oversubscribed by eight times, is expected to close on July 17, 2025.

At the time of the closing of the Offshore Placement, the Vendor will subscribe for, and the Company will issue to the Vendor 22 million new ordinary shares of the Company (the "Replacement Shares") at a price of HKD68.60 per share. The closing of the transaction involving the issuance of the Replacement Shares will be subject to customary closing conditions and take place after the closing of the Offshore Placement. In connection with the Offshore Placement, the representatives in the Company's U.S. initial public offering in January 2025 waived a lock-up restriction with respect to the Placement Shares held by the Vendor.

The Company intends to use the net proceeds resulting from the Offshore Placement, followed by the issuance of the Replacement Shares (the "Offering Proceeds") for commercialization efforts, including expanding coverage and improving patient access, global clinical development to advance the core pipeline candidates of the Company, as well as infrastructure and working capital to strengthen global operations.

The Placement Shares have not been and will not be registered under the Securities Act or any state securities laws nor does the Offshore Placement require registration in Hong Kong or elsewhere. They may not be offered or ...