We advised the underwriters on the IPO of ADSs

Davis Polk advised the underwriters in connection with the $209 million SEC-registered initial public offering by Gracell Biotechnologies Inc. 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.”

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 included partners James C. Lin 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. Members of the Davis Polk team are based in the Hong Kong, New York and London offices.

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