Cleary Gottlieb represented Burning Rock Biotech Limited (Burning Rock) in its initial public offering and concurrent private placement.
The IPO consisted of an offering of 13.5 million American depositary shares (ADSs), each representing one Class A ordinary share. The offering priced at $16.50 per ADS on June 11, 2020, and closed on June 16, 2020. The ADSs are listed on the NASDAQ under the symbol “BNR.”
Concurrently with the completion of the IPO, Lake Bleu Prime Healthcare Master Fund Limited purchased from Burning Rock $25 million in Class A ordinary shares at a price per share equal to the IPO price. The aggregate offering size of the IPO and the concurrent private placement is approximately $247.8 million, assuming the underwriters do not exercise their option to purchase additional ADSs. If the overallotment option is exercised in full, the aggregate offering size of the IPO and the concurrent private placement will amount to $281.2 million.
Morgan Stanley, BofA Securities, Cowen, CMBI, and Tiger Brokers acted as underwriters for the offering.
Burning Rock, whose mission is to guard life via science, focuses on the application of next generation sequencing (NGS) technology in the field of precision oncology. It is China’s No. 1 NGS-based cancer therapy selection company in terms of number of patients tested in 2019, according to China Insights Consultancy.