4 October, 2020
Davis Polk advised the underwriters in the initial public offering of JW (Cayman) Therapeutics Co. Ltd on the Hong Kong Stock Exchange and an international offering and listing in reliance on Rule 144A and Regulation S. The gross proceeds from the offering amounted to approximately HK$2.33 billion (US$300 million) prior to any exercise of the over-allotment option.
JW (Cayman) Therapeutics Co. Ltd is a leading clinical and pre-clinical stage cell therapy company in China. Its vision is to develop innovative cell therapies for the China market to transform the treatment of cancer for Chinese patients. Since its founding in 2016 by Juno and WuXi AppTec, it has built an integrated platform focused on developing, manufacturing and commercializing breakthrough cell-based immunotherapies for hematological cancers and solid tumors. Its core product, relma-cel is expected to be the first CAR-T therapy to be approved as a Category I biologics product in China, and has potential to be a superior CAR-T therapy.
The Davis Polk corporate team included partners Yang Chu and Li He, counsel Xuelin (Steve) Wang, associates Lillian Lian, Jeffrey Chan and Cathy Yuen, and registered foreign lawyers Mendtuvshin (Mendee) Enkhtaivan and Eva Xu. Associate Veronica Davis provided tax advice. Members of the Davis Polk team are based in the Hong Kong and London offices.
The announcement above is not offer for sale of securities in the United States. The securities referred to herein (the "Securities") have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be sold in the United States absent registration or an exemption from registration under the Securities Act. The issuer of the Securities does not intend to register any part of the offering in the United States or to conduct a public offering of the Securities in the United States.
