The company’s ADSs are listed on Nasdaq

Davis Polk advised the placement agents in connection with a private placement of ordinary shares and warrants of Gracell Biotechnologies Inc. The aggregate proceeds of the private placement are $100 million and up to an additional $50 million may be raised upon full exercise of the warrants.

Gracell Biotechnologies Inc. is a global clinical-stage biopharmaceutical company dedicated to discovering and developing breakthrough cell therapies for the treatment of cancers and autoimmune diseases. The company’s American depositary shares are listed on Nasdaq.

The Davis Polk corporate team included partners Yasin Keshvargar and Xuelin (Steve) Wang, and registered foreign lawyers Xin (Sheen) Xu and Allie Ma. Members of the Davis Polk team are based in the New York and Hong Kong offices.

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