LianBio /zigman2/quotes/230552037/composite LIAN -3.24% , a biotech with operations in the U.S. and China, set terms for its initial public offering on Wednesday, with plans to offer 20.3 million American Depositary Shares priced at $15 to $17 each. The company would raise $345 million at the top of that range, at a valuation of $1.8 billion, based on the 105.3 million shares expected to be outstanding once the deal closes. The company has applied to list on Nasdaq, under the ticker "LIAN." Goldman Sachs, Jefferies, BofA Securities and Raymond James are underwriting the deal. Proceeds will be used for clinical development and R&D and for general corporate purposes. "We are a global, science-driven biopharmaceutical company dedicated to developing and commercializing innovative medicines for patients with unmet medical needs, with an initial focus on in-licensing assets for Greater China and other Asian markets," the company says in its filing documents. The deal comes as the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO -6.81% has gained 6% in the year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.18% has gained 20%.