Zai raises $150M in follow-on

Zai Lab Ltd. (NASDAQ:ZLAB) raised $150 million through the sale of 7.5 million ADSs at $20 in a follow-on. Underwriters are J.P. Morgan, Citigroup, Jefferies and Leerink.

The price is a 12% discount to Zai's closing price of $22.73 on Aug. 31, when it proposed the offering in an SEC filing after market hours. Zai slipped 7% on Tuesday after trading resumed, and lost another 4% on Wednesday before pricing the offering after market hours. Its shares were off $2.22 (11%) to $18 on Thursday, for an overall loss of 21% since Friday's close...