Biopharmaceutical company Structure Therapeutics raised USD134 million in a Nasdaq listing, offering 8.95 million American depositary shares (ADS) priced at USD15 each.
The final transaction size reached USD184 million, inclusive of the over-allotment option.
Cooley, Travers Thorp Alberga and Zhong Lun Law Firm advised the issuer on US, Cayman Islands and PRC law, respectively.
The Cooley team was led by Charlie Kim, the partner and co-chair of the global capital markets practice group, partners Patrick Loofbourrow and Andrew Harline, and special counsel Su Lu.
Equity partners Anthony Zhao and William Jia led Zhong Lun’s team, together with non-equity partner Roy Zheng. Equity partner Jerry Fang gave support on compliance and antitrust matters.
Latham & Watkins and JunHe acted as international law and PRC law advisers, respectively, to underwriters Jefferies, SVB Securities, Guggenheim Securities and BMO Capital Markets.
The JunHe team was led by partners Ye Yurong and Chen Yan, with assistance from partner Li Zhi.
EY, one of the Big Four accounting firms, said the transaction was the largest biopharmaceutical IPO since last year, with only 17 IPOs of this type in the US and Europe in 2022, the largest of which was Prime Medicine’s USD180 million listing in October last year.
Prior to the IPO, Structure Therapeutics’ shareholders were Sequoia China, BVF Partners, Eight Roads, Hillhouse Capital, F-Prime Capital, Qiming Venture Partners and Deep Track Capital. The company’s investors also included WuXi AppTec, Lilly Asia Ventures and TF Capital.
