Exits, Healthcare, IPO, Venture Capital

Venture-Backed Biopharmaceutical Firm Zai Lab Plans $115M US IPO

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Shanghai-based biopharmaceutical company Zai Lab, founded by Samantha Du, a former managing director at Sequoia Capital, has filed to raise up to US$115 million in an initial public offering on the NASDAQ.

No pricing details were disclosed in the filing. It is reported that the company would have a post IPO market capitalization of around US$1 billion.

Founded in 2013, Zai Lab focuses on discovering, developing and commercializing biopharmaceutical medicines. Its products include a hematopoietic prostaglandin D synthase (HPGDS) inhibitor, a humanized anti-OX40 antagonist, a botanical topical product for treatment of eczema and psoriasis, and a multi-targeted tyrosine kinase inhibitor.

In June, the company raised a US$30 million series C round from OrbiMed Asia Partners, Vivo Capital, Cormorant Asset Management and Rock Springs Capital. A month prior, it announced plans to raise US$150 million for its own venture fund to back biotechnology and pharmaceutical companies in China.

Zai Lad previously raised a US$100 million series B round from Advantech Capital Partners Ltd., an investment fund established by the co-founder of secretive private equity firm New Horizon Capital, along with OrbiMed, Qiming Ventures Partners, Sequoia Capital China and TF Capital last January.

The company also received a US$30 million series A round from Qiming, KPCB, Sequoia and TF Capital in 2014, shortly after its establishment.


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