Ascentage Pharma (AAPG) said Monday it priced an offering of 22 million common shares at HK$68.60 ($8.74) per share.

The shares are being sold by a trust affiliated with Chief Executive Dajun Yang in an offshore placement outside the US, raising around HK$1.51 billion. The offering was oversubscribed by 8 times and is expected to close Thursday.

After the placement closes, the trust will reinvest by subscribing to 22 million new shares at the same price.

The proceeds will be used to support commercialization and patient access efforts, global clinical trials for key drug candidates, infrastructure improvements, and working capital, the company said.

Shares of Ascentage Pharma fell past 4% in recent trading activity.

Price: 36.64, Change: -1.60, Percent Change: -4.18