ZAI LAB (09688) plans private placement of 11.34 million American Depositary Shares, expecting net proceeds of approximately US$241 million.

ZAI LAB (09688) announces that on October 22, 2026 (Eastern Time), the Company entered into a securities purchase agreement with investors, pursuant to which the Company agreed to issue and sell to the investors an aggregate of 11.34 million American Depositary Shares at the ADS price (representing an aggregate of 113.4 million underlying shares with an aggregate par value of US$680.40). Each ADS represents 10 ordinary shares as the underlying shares. Leerink Partners LLC acted as the sole placement agent for the private placement. As of the date of this announcement, the Company had 1.138 billion ordinary shares in issue. Assuming the Company's issued share capital remains unchanged from the date of this announcement to the closing date, the aggregate of 113.4 million underlying shares represents approximately 9.06% of the issued ordinary shares as enlarged by the allotment and issue of the underlying shares. The offer price per ADS is US$22.04, equivalent to approximately HK$17.28 per underlying share, representing no discount to the closing price of US$22.04 per ADS as quoted on Nasdaq on October 22, 2026 (Eastern Time); and a discount of approximately 3.14% to the closing price of HK$17.84 per ordinary share as quoted on the Stock Exchange on October 22, 2026 (Hong Kong Time) (calculated on the basis of a ratio of 10 shares to 1 ADS). The gross proceeds from the private placement are expected to be approximately US$250 million, and the net proceeds are expected to be approximately US$241 million. The Company intends to use the net proceeds from the private placement primarily to support the continued global development of its Delta-like ligand 3 (DLL3) antibody-drug conjugate (ADC) targeting Zocilurtatug Pelitecan (zoci).