Ascentage Pharma Group International (HKG:6855) completed the placing and issue of a total of 44 million shares at HK$68.60 apiece to raise net proceeds of HK$1.49 billion, a late July 25 Hong Kong bourse filing said.

Shares of the pharmaceutical company were up over 3% in Monday afternoon trading.

The firm placed 22 million shares to at least six investors and allotted and issued the same number of shares to Dajun Yang Dynasty Trust.

The company will use proceeds from the issue for commercialization efforts, worldwide clinical development, and infrastructure and working capital for global operations.