Zai Lab is raising approximately $250m, mostly to develop a single drug candidate, by selling 11,340,000 American Depositary Shares (ADSs) at $22.04 each in a private investment in public equity (PIPE), the company said on 22 October 2026. Each ADS represents ten ordinary shares. TCGX is leading the financing, which is expected to close on or about 27 October 2026, subject to customary conditions.
- Gross proceedsapproximately 250 $m
- ADSs sold11,340,000 ADSs
- Price per ADS22.04 $
- Ordinary shares per ADS10 shares
- Expected closing27 October 2026
Zai Lab plans to use the net proceeds primarily for the continued global development of zocilurtatug pelitecan, or zoci, a drug candidate that is not yet on the market. Zoci is an antibody-drug conjugate (ADC) that targets Delta-like ligand 3 (DLL3), and the company names extensive-stage small cell lung cancer as a potential treatment area. Its 8-K also cites pipeline development, working capital and general corporate purposes.
Other new and existing investors joining TCGX include abrdn World Healthcare Fund, ADAR1 Capital Management, Balyasny Asset Management, Cormorant Asset Management, Frazier Life Sciences, RA Capital Management, RTW Investments, Sirenia Capital Management, Wellington Management and Woodline Partners.
- Leerink Partners is exclusive placement agent; Ropes & Gray advises Zai Lab.
- Proceeds of about $250m are before placement agent fees and other offering expenses.
- The ADSs are not registered under the US Securities Act of 1933.
- Zai Lab has agreed to file a registration statement with the SEC covering resale of the ADSs.
Zai Lab is listed on Nasdaq as ZLAB and in Hong Kong as 9688. It works in oncology, immunology, neuroscience and infectious disease, and filed the announcement with the SEC on 23 October 2026.
- Zai Lab Limited, Zai Lab Announces $250 Million Private Placement (Form 8-K, Exhibit 99.2, SEC EDGAR), 23 Oct 2026, 12:06 CEST
- Zai Lab Limited, Form 8-K (Item 1.01), SEC EDGAR, 23 Oct 2026, 12:06 CEST