On January 8, 2021, Gracell Biotechnologies Inc., a global clinical-stage biopharmaceutical company dedicated to discovering and developing breakthrough cell therapies to address major industry challenges and fulfill unmet medical needs in the treatment of cancer, announced the pricing of its initial public offering of 11,000,000 American Depositary Shares, each representing five ordinary shares, at a public offering price of US$19 per ADS. The gross proceeds to Gracell from the offering are expected to be US$209 million, before deducting underwriting discounts and commissions and other offering expenses. In addition, Gracell has granted the underwriters a 30-day option to purchase up to an additional 1,650,000 ADSs at the initial public offering price, less underwriting discounts and commissions. All of the ordinary shares represented by ADSs are being offered by Gracell.

The ADSs were approved for listing on The Nasdaq Global Market and began trading on January 8, 2021, under the ticker symbol "GRCL." The offering is expected to close on January 12, 2021, subject to the satisfaction of customary closing conditions.

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 firm also regularly advises Gracell on matters related to the company's patent portfolio.

For more information, please see Gracell’s press release.