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.