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Clifford Chance advises on Ascentage Pharma's IPO under HKEX's new listing regime for biotech companies

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28 October 2019

Clifford Chance advises on Ascentage Pharma's IPO under HKEX's new listing regime for biotech companies

Leading international law firm Clifford Chance has advised the joint sponsors Merrill Lynch and Citigroup and the underwriters on the US$53.5 million initial public offering (IPO) and listing on the Hong Kong Stock Exchange (HKEX) of Ascentage Pharma Group International (Ascentage Pharma), under Chapter 18A of the HKEX's new listing regime for biotech companies. The IPO received exceptionally strong demand with the retail tranche being more than 755 times oversubscribed, making it one of the most oversubscribed deals in Hong Kong in 2019.

Suzhou-headquartered Ascentage Pharma is a globally-focused, clinical-stage biotechnology company engaged in developing novel therapies for cancers, hepatitis B virus and age-related diseases.

Partners Amy Lo and Fang Liu led on the deal and were supported by senior associates Ryan Wong, Janet Tang, Sheng Chen, Gehuan Liu, legal assistant Jason Liu, and trainees Anson Wong, Beanka Chiang and Karen Jiang.

Amy said, "This transaction is a testament to our market-leading IPO practice's work in support of HKEX's strategic initiatives and new listing reforms, which aims to develop the attractiveness of Hong Kong's capital markets for technology and biotech companies."

Fang Liu said, "This deal highlights our deep understanding of the life sciences and biotech sectors' regulatory and commercial challenges. We are thrilled to be involved in this significant public fund raising that further enhances Ascentage Pharma's ability to develop innovative and important therapies for cancer and other diseases."

Clifford Chance also recently advised on Hansoh Pharmaceutical's US$1 billion IPO, as well as Ping An Good Doctor's US$1.12 billion IPO in 2018.

 

高伟绅为生物科技新规下的亚盛医药香港上市提供法律服务

领先国际律师事务所高伟绅就亚盛医药(Ascentage Pharma)在香港证券交易所生物技术公司新上市规则第18A章项下的5,350万美元首次公开发行以及在香港证券交易所的上市,为联席保荐人美林和花旗以及承销商提供法律服务。本次首次公开发行获得特别热烈的反响,零售部分实现超额认购755倍,是本年度香港超额认购倍数最高的发行之一。

亚盛医药总部位于苏州,是一家专注于全球的临床阶段生物技术公司,致力于开发针对癌症、乙肝病毒以及老年病的新型疗法。

本次交易由合伙人罗秀娴律师和方刘律师牵头,其他团队成员包括黄励行邓敏蔚陈盛刘戈欢、廖进仁、黄炜杰、 蒋恺澄和姜文钰。

罗秀娴律师表示,“为提高香港资本市场对科技和生物技术公司的吸引力,香港证券交易所推出了战略性的举措和新的上市改革。该交易正是高伟绅市场领先的IPO团队为响应这些举措和改革完成的又一项骄人业绩。”

方刘律师表示,“该项目凸显了我们对生命科学和生物技术领域监管和商业挑战的深刻把握。我们很高兴参与本次公开发行项目,希望有助进一步推动亚盛医药针对癌症和其他疾病开发创新治疗的能力。”

此前,高伟绅还为翰森制药10亿美元以及平安好医生11.2亿美元的香港首次公开发行提供法律服务。