Latham & Watkins advised underwriter Cantor Fitzgerald & Co on the IPO of Adlai Nortye (Adlai) on the Nasdaq Global Market. Adlai, a clinical-stage biotechnology company focused on developing innovative cancer therapies, raised total gross proceeds of $97.5 million, including $57.5 million from the public offering and $40 million from the public offering a simultaneous private placement.
Adlai is the first U.S. IPO to receive a filing with the China Securities Regulatory Commission (CSRC), a new regulation issued since March for overseas listings of Chinese companies.
The ADS began trading on the Nasdaq Global Market on September 29, 2023 under the ticker symbol “ANL.” The offer ended on October 3, 2023.
The Latham team was led by Hong Kong capital markets partners Allen Wang and Dominik Sklenar, as well as San Diego partner Michael Sullivan with Shanghai associate Jasmine Hu, Hong Kong foreign legal consultant Lizzy Zhang and New York counsel Gail Neely with corporate counsel Edyta Hannas . Advice on healthcare and life sciences issues was provided by San Diego attorney Darryl Steensma and Washington, DC attorney Chad Jennings; and on tax matters by Ryan Brenner, an associate in San Diego.
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