Zai Lab to list in Hong Kong
Nasdaq-listed Chinese drug developer Zai Lab announced the launch of its Hong Kong public offering last week as part of its global offering of over 10.5 million shares.
There’s been no shortage of Chinese biotech IPOs this year, as the abundance of capital and rich valuations have driven domestic drug makers to file for a listing, either on the Hong Kong Stock Exchange or Shanghai’s STAR Market.
Shanghai-headquartered Zai Lab is no different. At a maximum offer price of $83.60 per share, the company could potentially raise over $880 million to support its growth plans.
“Our decision to pursue a secondary listing in Hong Kong right now is based on our fundamental needs and strong visibility to accelerate [our] growth,” Zai Lab’s CFO, Billy Cho, told STAT.
It will also “provide an opportunity for our stakeholders in Asia to more easily access our stock and participate in our growth.”
According to Cho, the company plans to use the funds for its R&D programs, exploring new global licensing and collaboration opportunities, and to boost its commercialization of PARP inhibitor Zejula for ovarian cancer and medical device Optune for treating glioblastoma.
There’s been no shortage of Chinese biotech IPOs this year, as the abundance of capital and rich valuations have driven domestic drug makers to file for a listing, either on the Hong Kong Stock Exchange or Shanghai’s STAR Market.
Shanghai-headquartered Zai Lab is no different. At a maximum offer price of $83.60 per share, the company could potentially raise over $880 million to support its growth plans.
“Our decision to pursue a secondary listing in Hong Kong right now is based on our fundamental needs and strong visibility to accelerate [our] growth,” Zai Lab’s CFO, Billy Cho, told STAT.
It will also “provide an opportunity for our stakeholders in Asia to more easily access our stock and participate in our growth.”
According to Cho, the company plans to use the funds for its R&D programs, exploring new global licensing and collaboration opportunities, and to boost its commercialization of PARP inhibitor Zejula for ovarian cancer and medical device Optune for treating glioblastoma.
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