Zai soars following $150M NASDAQ IPO
Zai Lab Ltd. (NASDAQ:ZLAB) jumped $9.93 (55%) to $27.93 on Wednesday after raising $150 million in an upsized IPO on NASDAQ through the sale of 8.3 million American Depository Shares (ADSs) at $18 per share, valuing the Shanghai cancer, autoimmune and infectious disease company at $888.9 million. Zai had previously proposed to sell 5.9 million shares at $16-$18 per share, and subsequently increased the number of shares to 8 million.
Zai launched in 2014 to in-license therapeutics that target diseases prevalent in China and greater Asia. The company has a pipeline of five clinical candidates in-licensed from Western biopharma companies, the most advanced of which is niraparib. This year, the PARP inhibitor is expected to start a Chinese Phase III trial to treat ovarian cancer. Zai has exclusive Chinese rights to the molecule from Tesaro Inc. (NASDAQ:TSRO), which markets the drug as Zejula in the U.S. ...