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Latham Advises on Adlai Nortye’s US IPO

October 6, 2023
Cross-border team represents underwriters on first US IPO to obtain a China Securities Regulation Commission filing.

Latham & Watkins has advised the underwriter, Cantor Fitzgerald & Co, on Adlai Nortye’s (Adlai) initial public offering on the Nasdaq Global Market. Adlai, a clinical-stage biotechnology company focused on the development of innovative cancer therapies, received aggregate gross proceeds of US$97.5 million, including US$57.5 million from the public offering and US$40 million from a concurrent private placement.

Adlai is the first US IPO to obtain a China Securities Regulation Commission (CSRC) filing, a new regulation adopted since March for overseas listings of Chinese enterprises.

The ADS began trading on the Nasdaq Global Market on September 29, 2023 under the ticker symbol “ANL”. The offering closed on October 3, 2023.

The Latham team was led by Hong Kong capital markets partners Allen Wang and Dominik Sklenar, and 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 attorney Edyta Hannas. Advice on healthcare and life sciences matters was provided by San Diego counsel Darryl Steensma and Washington, D.C. counsel Chad Jennings; and on tax matters by San Diego associate Ryan Brenner.