Ropes & Gray Represents Zai Lab Limited in its Initial Public Offering of American Depositary Shares
Ropes & Gray acted as issuer’s counsel to Zai Lab Limited in its initial public offering (IPO) of 8,333,333 million American depository shares (ADS), with gross proceeds of $172.5 million. In addition, Zai Lab granted the underwriters a 30-day option to purchase up to an additional 1,250,000 ADSs at the IPO price of $18 per ADS.
The ADSs were approved for listing on the Nasdaq Global Market to begin trading on Sept. 20, 2017 under the ticker symbol “ZLAB.” Closing of the IPO is expected to occur on or about Sept. 22, subject to customary closing conditions.
Zai Lab is a Shanghai-based biopharmaceutical company focused on discovering, licensing, developing and commercializing proprietary therapeutics for large unmet medical needs in China in areas such as autoimmune and infectious diseases and oncology.
Ropes & Gray has represented Zai Lab since its inception, including advising the company on its Series A, B and C preferred equity financings in which Zai Lab raised an aggregate of $165 million.
The Ropes & Gray team was led by life sciences partner Arthur Mok (Shanghai), securities & public companies partner Pat O’Brien and associate Tom Danielski (both of Boston), and included life sciences partner Katherine Wang (Shanghai), IP transactions partner Geoffrey Lin (Shanghai), tax & benefits partners Renata Ferrari, Elaine Murphy and Loretta Richard (all of Boston) and government enforcement counsel David Zhang (Shanghai).