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Zai Lab starts $150M offering of American depositary shares

Zai Lab Ltd. started an underwritten public offering of $150 million of American depositary shares.

The ADSs represent ordinary shares of the Shanghai-based biopharmaceutical company.

Underwriters are expected to receive a 30-day option to buy up to an additional $22.5 million of ADSs.

J.P. Morgan, Citigroup, Jefferies and Leerink Partners are acting as joint book-running managers for the offering.