Zai proposes $150M follow-on

Zai Lab Ltd. (NASDAQ:ZLAB) proposed late Friday to raise $150 million in a follow-on underwritten by J.P. Morgan, Citigroup, Jefferies and Leerink.

Less than three years after its 2014 launch, Zai raised $150 million in a bumped-up 2017 IPO that valued the company at $888.9 million. Zai now has a market cap of about $1.2 billion (see "Chasing Zai")...