Ascentage Pharma Group International (HKG:6855) is looking to raise around HK$1.51 billion via the sale of shares, according to a Hong Kong bourse filing Tuesday.

Shares of the company fell nearly 6% in morning trade Tuesday.

The pharmaceutical company is looking to sell 22 million shares at HK$68.60 each to raise the funds which will be used to commercialize the recently approved lisaftoclax in China and to pursue clinical development of other drugs.

The shares represent 6.29% of the firm's existing issued share capital.

J.P. Morgan Securities (Asia Pacific) and Citigroup Global Markets were hired as the placing agents for the offering.