Takeda-backed Ascentage Pharma targets $1.75 billion valuation in US IPO

(Reuters) – China-based Ascentage Pharma said on Tuesday it was targeting a valuation of $1.75 billion in its initial public offering in the United States.

Ascentage, backed by Japan’s biggest drugmaker Takeda Pharmaceutical, is seeking $149 million by offering about 7.3 million American depositary shares at $20.34 each.

J.P.Morgan and Citigroup are the underwriters for the offering.

Ascentage will list on the Nasdaq under the symbol “AAPG”.

(Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Shounak Dasgupta)