The Firm recently represented Leerink Partners as the placement agent in connection with the private placement by Zai Lab Limited (“Zai Lab”) of 11,340,000 American Depositary Shares (“ADSs”), each representing ten ordinary shares of the company. The purchase price of each ADS is $22.04. Gross proceeds from the private placement are expected to be approximately $250 million. Zai Lab intends to use the net proceeds primarily to support continued global development of the company’s ligand-targeting antibody-drug conjugate drug delivery therapy.
Zai Lab Limited is an innovative, research-based, commercial-stage biopharmaceutical company based in China and the United States. The company is focused on discovering, developing, and commercializing innovative products that address medical conditions with significant unmet needs in the areas of oncology, immunology, neuroscience, and infectious disease. The company’s goal is to leverage its competencies and resources to positively impact human health.
The Simpson Thacher team included John O’Connell, Lia Toback, Melissa Lewis, Cara Capoccitti and Delia Li (Capital Markets); Christopher Wong, Yi Gao and Jeff Wong (Hong Kong); and Vanessa Burrows, Jake Madden and Becky Rose (Healthcare).