** Shares of China-based Ascentage Pharma AAPG.O fall 1.1% to $17.06 in their Nasdaq debut after rising as much as 4.3%
** Stock opened for trading at $17.25/shr, valuing the Chinese drugmaker at $1.48 bln
** AAPG sold ~7.3 mln American depositary shares (ADSs) at $17.25/shr, representing roughly a 20% discount to Thursday's closing price of its Hong Kong-listed stock
** Co's shares have been listed in Hong Kong since 2019
** Japan's biggest drugmaker Takeda Pharmaceutical 4502.T is among Ascentage's backers
** J.P. Morgan and Citigroup were the joint book-running managers for the offering
** Ascentage's olverembatinib is approved in China to treat chronic myeloid leukemia
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com))
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