Zai Lab Secures $250 Million Private Placement Financing

Overview of the Financing

On October 22, 2026, Zai Lab Limited entered into a Securities Purchase Agreement with accredited institutional investors for a private placement (PIPE) of 11,340,000 American Depositary Shares (ADSs), each representing ten ordinary shares (par value $0.000006 per share), at a purchase price of $22.04 per ADS.

Key Transaction Terms

• Gross Proceeds: Approximately $250 million prior to deducting placement agent fees and offering expenses.
• Placement Agent: Leerink Partners LLC acted as placement agent.
• Expected Closing: On or about October 27, 2026, subject to customary closing conditions.
• Use of Proceeds: Capital will be used to fund the development of pipeline drug assets, working capital, and other general corporate purposes.

Registration Rights Agreement

Concurrently, the Company entered into a Registration Rights Agreement requiring Zai Lab to file a registration statement with the SEC within 15 days following the PIPE closing to register the resale of the offered ADSs.

Market Impact & Significance

This $250 million capital raise materially strengthens Zai Lab's cash position to advance its clinical pipeline. While the issuance expands the share count by 11.34 million ADSs (113.4 million ordinary shares), the committed institutional capital provides operational runway and signals institutional confidence in the company's long-term pipeline execution.