Latham & Watkins Advises Connect Biopharma on US IPO

A cross-border capital markets team represented the Chinese biopharmaceutical company in the offering.

March 24, 2021

Connect Biopharma Holdings Limited, a global clinical-stage biopharmaceutical company dedicated to improving the lives of patients with chronic inflammatory diseases through the development of therapies derived from T-cell-driven research, has closed its initial public offering of 12,937,500 American Depositary Shares (ADSs), representing 12,937,500 ordinary shares of the Company, at a public offering price of US$17 per ADS. The number of ADSs issued at closing included the exercise in full of the underwriters’ option to purchase 1,687,500 additional ADSs from the Company at the initial public offering price, less underwriting discounts and commissions. 

The gross proceeds from the offering were approximately US$219.9 million, before deducting underwriting discounts and commissions and other offering expenses payable by the Company. Each ADS represents one ordinary share of the Company. The ADSs began trading on the Nasdaq Global Market on March 19, 2021, under the ticker symbol "CNTB.”

Latham & Watkins LLP represented Connect Biopharma in the offering with a cross-border capital markets team led by Hong Kong partner Cathy Yeung, Bay Area partner Patrick Pohlen, and San Diego partner Michael Sullivan, with Hong Kong counsel Wei Wei and San Diego associates Jeffrey Woodley, Briana Goncalves, and Michael Johnson. Advice was also provided on benefits and compensation matters by San Diego partner Holly Bauer, with Los Angeles associate Rachel Narowski; on tax matters by Los Angeles partners Samuel Weiner and Eric Cho, with Orange County associate Janet Hsu; on FDA, healthcare, and data regulatory matters by Washington, D.C. partner Elizabeth Richards and Bay Area counsels Betty Pang and Heather Deixler, with Washington, D.C. associates Chad Jennings, Alyssa Lattner, and Julie Shin; on intellectual property matters by Bay Area partner Christopher Hazuka, with San Diego associate Robert Yeh and New York associate David Suh; and on stock exchange matters by New York counsel Gail Neely.

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