CHINA – Suzhou-based Ascentage Pharma has revealed plans to raise approximately US $133.9 million in a Nasdaq initial public offering (IPO), joining a growing list of biotech companies debuting on the U.S. exchange in 2025.
The announcement was made on Tuesday through an SEC filing. According to the filing, Ascentage aims to use the offering to support operations, increase its market visibility, and facilitate access to public equity markets. The company stated:
“The principal purposes of this offering are to obtain additional capital to support our operations, create a public market for the [American depositary shares (ADS)], increase our visibility in our markets, and facilitate our future access to the public equity for us and our shareholders.”
Foreign companies commonly use ADSs to represent shares on U.S. stock exchanges.
Planned use of IPO proceeds
Ascentage intends to allocate US $50 million to US $60 million to advance its lead BCL-2 inhibitor, lisaftoclax, in China and prepare for its commercial launch in the country.
Additionally, US $30 million to US $40 million will go toward the development of olverembatinib, a tyrosine kinase inhibitor, in the U.S. and other regions. The remaining proceeds will fund other R&D activities and general corporate purposes.
The company has also granted underwriters an option to purchase additional ADSs, which, if fully exercised, could raise the IPO total to nearly US $155 million.
Lead pipeline assets
Ascentage’s lead drug, olverembatinib, is approved in China and is under evaluation in the U.S. for specific types of chronic myeloid leukemia.
The registrational Phase III POLARIS-2 trial is currently ongoing, with plans to file a New Drug Application in 2026.
The second lead candidate, lisaftoclax, is being developed for hematological cancers. It is currently in two late-stage clinical trials in the U.S.:
IPO timing amid U.S.-China tensions
Ascentage’s IPO plans come at a time of heightened scrutiny of U.S.-China collaborations.
In August 2024, the House Select Committee on the CCP raised ethical concerns regarding some U.S. biotechs conducting clinical trials in China’s Xinjiang Uyghur Autonomous Region, citing reports of forced participation.
In addition, the BIOSECURE Act, designed to restrict taxpayer dollars from reaching companies deemed national security risks, has passed Congress and is awaiting Senate approval.
Despite these challenges, biotech companies remain drawn to China’s innovation ecosystem.
At the 2025 J.P. Morgan Healthcare Conference, Gilead CFO Andrew Dickinson commented on partnerships in China, saying:
“While we’re obviously being cautious about data protection matters, I wouldn’t say that we’re holding off or hesitating at all regarding Chinese licensing deals.”
Biotech IPO resurgence in 2025
Ascentage joins other biotechs aiming for Nasdaq listings this year, as the U.S. biotech sector experiencing a resurgence in initial public offering (IPO) activity.
Notably, Massachusetts-based companies Sionna Therapeutics and Odyssey Therapeutics have filed for IPOs, aiming to list on Nasdaq under the ticker symbols $SION and $ODTX, respectively.
Sionna Therapeutics focuses on developing treatments for cystic fibrosis, while Odyssey Therapeutics is advancing therapies in the immunology space.
Their filings follow Maze Therapeutics’ recent IPO announcement, with plans to trade under the ticker “MAZE.”
This uptick in IPO filings suggests a potential revival in the biotech IPO market, which had seen a decline in recent years.
In 2021, the sector peaked with over 100 biotech IPOs raising nearly US $15 billion. However, activity slowed significantly, with only 19 IPOs in 2023.
Analysts have mixed views on the 2025 IPO landscape. Jefferies analysts noted that “IPO activity may be muted in the near-term” due to “perceived micro uncertainty.”
Conversely, William Blair analysts forecast approximately 30 biotech IPOs in 2025, citing “a wave of high-quality private companies” poised to go public.
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