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Zai Lab prices offering of American depositary shares

Zai Lab Ltd. priced an underwritten public offering of 7.5 million American depositary shares at $20 each.

Each ADS represents an ordinary share of the Shanghai-based biopharmaceutical company.

Zai Lab expects to raise gross proceeds of about $150 million through the offering, which is expected to close Sept. 10, subject to customary closing conditions.

Underwriters have 30-day option to buy up to an additional 1,125,000 ADSs at the offering price.

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