Shanghai-based Zai Lab Ltd. selected banks to help set up a potential $150 million U.S. IPO, Bloomberg News reported Aug. 11, citing people with knowledge of the matter.

The Chinese drug developer is eyeing a market capitalization of about $1 billion, and plans to begin taking investor orders as early as September. According to the sources, the company chose Citigroup Inc. and JPMorgan Chase & Co. to arrange the offering.

Details have not been finalized and the timeline could change.

Zai Lab was started by former Pfizer Inc. senior scientist Samantha Du. It engages in research and development of biotech-based therapeutics.