Zai Lab Limited ("Zai Lab"), a biopharmaceutical company, has announced the pricing of its underwritten public offering of 7,843,137 American Depositary Shares (ADSs) at a price of US$25.50 per ADS. This is expected to result in gross proceeds of approximately $200 million, before deducting underwriting discounts, commissions, and other offering expenses.
The company has also granted the underwriters a 30-day option to purchase up to an additional 1,176,470 ADSs at the public offering price, less underwriting discounts and commissions. The net proceeds from this offering are intended for general corporate purposes.
Goldman Sachs (Asia) L.L.C., Jefferies, and Leerink Partners are acting as joint book-running managers for the ADS offering. The offering is being made pursuant to a shelf registration statement on Form S-3ASR, which became automatically effective upon filing with the U.S. Securities and Exchange Commission on April 19, 2024.
Zai Lab, which is listed on the NASDAQ under the ticker symbol ZLAB and on the Hong Kong Stock Exchange under the ticker symbol 9688, is a research-based, commercial-stage biopharmaceutical company focused on discovering, developing, and commercializing innovative products in the areas of oncology, immunology, neuroscience, and infectious disease.
The company aims to leverage its competencies and resources to positively impact human health in China and worldwide. This marks a significant development for Zai Lab as it continues to pursue its goal of addressing medical conditions with significant unmet needs. Following these announcements, the company's shares moved 1.5%, and are now trading at a price of $27.06. If you want to know more, read the company's complete 8-K report here.
