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Bloomberg
Zai Lab Ltd., a Chinese drug developer working on cancer treatments, has picked banks to arrange a planned US initial public offering that could raise about $150 million, people with knowledge of the matter said.
The Shanghai-based biopharmaceutical company, started by former Pfizer Inc. senior scientist Samantha Du, is working with Citigroup Inc. and JPMorgan Chase & Co., according to the people. It is targeting a market capitalisation of about $1 billion, one of the people said, asking not to be identified. Zai Lab plans to start taking investor orders as soon as September.
China’s pharmaceutical market has been given a boost by entrepreneurs like Du who returned to the country after stints working or studying overseas.
Details of the Zai Lab offering haven’t been finalised.