Connect Biopharma’s $219.9 Million Initial Public Offering

Latham & Watkins LLP and Maples and Calder represented Connect Biopharma in the transaction. Global Law Office and Davis Polk advised joint book-running managers.

Connect Biopharma Holdings Limited 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.”

Jefferies LLC, SVB Leerink LLC, Piper Sandler & Co. and China International Capital Corporation Hong Kong Securities Limited acted as joint book-running managers for this offering.

Connect Biopharma is 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.

Latham & Watkins LLP represented Connect Biopharma in the offering with a cross-border capital markets team led by Hong Kong partner Cathy Yeung (Picture), 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.

The GLO team was led by Shenzhen-based partner Carrie Sun, and the team members include Danwei Wen, Rongrong Zheng and Youcheng Bi.

The Davis Polk corporate team included partners Alan F. Denenberg, James C. Lin and Emily Roberts and associates Dongbiao Shen and Dana Lueck-Mammen. Partner David R. Bauer and associates Jay Frankel and Shuang Ci provided advice on intellectual property matters. Associate Justin Alexander Kasprisin provided executive compensation advice. Counsel Marcie A. Goldstein provided FINRA advice.

The Maples team comprised partner Richard Spooner and associate Vivian Lee.  The Group’s Fund Services business acted as the Cayman Islands Share Registrar, and the team comprised Eastern Fong, Regional Head of the Group’s fund services business in Asia and vice president Christy Poon.

Involved fees earner: David Bauer – Davis Polk & Wardwell; Shuang Ci – Davis Polk & Wardwell; Alan Denenberg – Davis Polk & Wardwell; Jay Frankel – Davis Polk & Wardwell; Marcie Goldstein – Davis Polk & Wardwell; Justin Alexander Kasprisin – Davis Polk & Wardwell; James Lin – Davis Polk & Wardwell; Dana Lueck-Mammen – Davis Polk & Wardwell; Emily Roberts – Davis Polk & Wardwell; Dongbiao Shen – Davis Polk & Wardwell; Youcheng Bi – Global Law Office; Carrie Sun – Global Law Office; Danwei Wen – Global Law Office; Rongrong Zheng – Global Law Office; Holly Bauer – Latham & Watkins; Eric Cho – Latham & Watkins; Julie Choi Shin – Latham & Watkins; Heather Deixler – Latham & Watkins; Briana Goncalves – Latham & Watkins; Christopher Hazuka – Latham & Watkins; Janet Hsu – Latham & Watkins; Chad Jennings – Latham & Watkins; Michael Johnson – Latham & Watkins; Rachel Narowski – Latham & Watkins; Gail Neely – Latham & Watkins; Betty Pang – Latham & Watkins; Patrick Pohlen – Latham & Watkins; Elizabeth Richards – Latham & Watkins; David Suh – Latham & Watkins; Michael Sullivan – Latham & Watkins; Wei Wei – Latham & Watkins; Samuel Weiner – Latham & Watkins; Jeffrey Woodley – Latham & Watkins; Robert Yeh – Latham & Watkins; Cathy Yeung – Latham & Watkins; Eastern Fong – Maples and Calder; Vivian Lee – Maples and Calder; Christy Poon – Maples and Calder; Richard Spooner – Maples and Calder;

Law Firms: Davis Polk & Wardwell; Global Law Office; Latham & Watkins; Maples and Calder;

Clients: China International Capital Corporation Hong Kong Securities Limited; Connect Biopharma; Jefferies; Piper Sandler; SVB Leerink LLC;

Author: Sonia Carcano