Gracell Biotechnologies’ $209 Million Initial Public Offering

Davis Polk and Zhong Lun advised the underwriters in the offering. Wilson Sonsini Goodrich & Rosati advised Gracell Biotechnologies Inc. on the deal.

Gracell Biotechnologies Inc. completed its $209 million SEC-registered initial public offering of 11,000,000 American depositary shares, each representing five ordinary shares. Gracell has also granted the underwriters an option to purchase up to an additional 1,650,000 ADSs. The ADSs are listed on the Nasdaq Global Market under the symbol “GRCL.”

Citigroup Global Markets Inc., Jefferies LLC, Piper Sandler & Co., and Wells Fargo Securities, LLC acted as underwriters for the offering.

Gracell is a global clinical-stage biopharmaceutical company dedicated to discovering and developing breakthrough cell therapies. Leveraging its pioneering FasTCAR and TruUCAR technology platforms, Gracell is developing a rich clinical-stage pipeline of multiple autologous and allogeneic product candidates with the potential to overcome major industry challenges that persist with conventional CAR-T therapies, including lengthy manufacturing time, suboptimal production quality, high therapy cost and lack of effective CAR-T therapies for solid tumors.

The Davis Polk capital markets team advising the underwriters included partners James C. Lin (Picture) and Yasin Keshvargar, counsel Xuelin (Steve) Wang and registered foreign lawyer Wentian Xie. Counsel Alon Gurfinkel and associate Summer Xia provided tax advice. Partner David R. Bauer and associates Tilak Koilvaram and Brette L. Trost provided intellectual property advice. Counsel Marcie A. Goldstein provided FINRA advice.

A team from Wilson Sonsini Goodrich & Rosati team that includes Karen Wong, Clark Lin, and Richard Wang advised Gracell on IP matters related to the transaction.

The Zhong Lun team was led by Anthony Zhao, Catherine Chen William Jia and Shaun Gao, and included Roy Zheng, Edward Zhou.

Involved fees earner: David Bauer – Davis Polk & Wardwell; Marcie Goldstein – Davis Polk & Wardwell; Alon Gurfinkel – Davis Polk & Wardwell; Yasin Keshvargar – Davis Polk & Wardwell; Tilak Koilvaram – Davis Polk & Wardwell; James Lin – Davis Polk & Wardwell; Brette Trost – Davis Polk & Wardwell; Xuelin Wang – Davis Polk & Wardwell; Summer Xia – Davis Polk & Wardwell; Wentian Xie – Davis Polk & Wardwell; Clark Lin – Wilson Sonsini Goodrich & Rosati; Richard Wang – Wilson Sonsini Goodrich & Rosati; Karen Wong – Wilson Sonsini Goodrich & Rosati; Catherine Chen – Zhong Lun Law Firm; Shaun Gao – Zhong Lun Law Firm; William Jia – Zhong Lun Law Firm; Anthony Zhao – Zhong Lun Law Firm; Roy Zheng – Zhong Lun Law Firm; Edward Zhou – Zhong Lun Law Firm;

Law Firms: Davis Polk & Wardwell; Wilson Sonsini Goodrich & Rosati; Zhong Lun Law Firm;

Clients: Citigroup Global Markets Ltd; Gracell Biotechnologies Inc.; Jefferies; Piper Sandler; Wells Fargo Securities;

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Author: Michael Patrini