Zai Lab Limited Enters Underwriting Agreement for Public Offering

Zai Lab Limited (NASDAQ: ZLAB), a biopharmaceutical company with principal offices in Shanghai and Cambridge, MA, announced on November 14, 2024, that it has entered into an underwriting agreement with Goldman Sachs (Asia) L.L.C., Jefferies LLC, and Leerink Partners LLC. This agreement relates to an underwritten public offering of 7,843,137 American depositary shares (ADSs) of the Company, each representing ten ordinary shares of the Company, at a public offering price of US$25.50 per ADS.

All of the ADSs in the offering are being sold by Zai Lab. Additionally, the Company has 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 the offering are expected to be approximately $189 million, excluding proceeds from any exercise of the option by the Underwriters. Zai Lab intends to utilize these funds for general corporate purposes.

The offering was conducted in compliance with the Company’s shelf registration statement on Form S-3ASR (File No. 333-278843), which became effective on April 19, 2024. A final prospectus supplement detailing the terms of the offering was filed with the U.S. Securities and Exchange Commission on November 14, 2024. The closing of the offering is anticipated to occur around November 18, 2024, subject to customary closing conditions.

The underwriting agreement includes standard representations, warranties, and agreements by Zai Lab, as well as indemnification obligations for both the Company and Underwriters, including liabilities under the Securities Act of 1933. The full text of the Underwriting Agreement and the legal opinion from Travers Thorp Alberga, Zai Lab’s counsel, are available as exhibits in the Current Report on Form 8-K filed with the SEC.

In a related development, Zai Lab disclosed the pricing of the public offering through a press release on November 14, 2024. The gross proceeds from the offering, before deducting underwriting discounts and commissions, are expected to be approximately $200 million. The Company has provided the underwriters with a 30-day option to acquire additional ADSs.

Goldman Sachs (Asia) L.L.C., Jefferies, and Leerink Partners are acting as joint book-running managers for the offering. The shares are being offered in accordance with the Form S-3ASR, filed with the SEC and available on their website.

This press release serves as general information and does not constitute an offer to sell or solicitation to buy any securities of Zai Lab. Interested parties should refer to the written prospectus for detailed information on the offering and related terms and conditions.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Zai Lab’s 8K filing here.

About Zai Lab

Zai Lab Limited develops and commercializes therapies to treat oncology, autoimmune disorders, infectious diseases, and neuroscience. Its commercial products include Zejula, an orally administered poly polymerase 1/2 inhibitor; Optune, a cancer therapy that uses electric fields tuned to specific frequencies to kill tumor cells; NUZYRA for acute bacterial skin and skin structure infections, and community acquired bacterial pneumonia; Qinlock to treat gastrointestinal stromal tumors, and VYVGART, a human IgG1 antibody fragment for myesthenia gravis.