Zai lab proposes $115M IPO

On Aug. 15, Zai Lab Ltd. (Shanghai, China) proposed to raise up to $115 million in an IPO on NASDAQ underwritten by JPMorgan, Citigroup and Leerink. In June, the company raised $30 million in a series C led by OrbiMed Advisors. New investors Vivo Capital, Cormorant Asset Management and Rock Springs Capital also participated. Investors in previous rounds include Avantech Capital, Qiming Venture Partners, Sequoia Capital, TF Capital and Kleiner Perkins Caufield & Byers.

Originally focused on in-licensing China or global rights to compounds that may have a competitive advantage in China and greater Asia, Zai has increasingly turned toward internal discovery and development of biologics for oncology and autoimmune disease. ...