Zai Lab Ltd., a Chinese drug developer working on cancer treatments, has picked banks to arrange a planned US initial public offering that could raise about $150 million, people with knowledge told Bloomberg. The Shanghai-based biopharmaceutical company, started by former Pfizer senior scientist Samantha Du, is working with Citigroup and JPMorgan Chase & Co., according to the people. It is targeting a market capitalization of about $1 billion and plans to start taking investor orders as soon as September. China’s pharmaceutical market has been given a boost by entrepreneurs like Du, known as “sea turtles,” who returned to the country after stints working or studying overseas. Since starting Zai Lab in 2014, Du has attracted investors including Kleiner Perkins Caufield & Byers, Sequoia Capital China and Qiming Ventures. Details of the Zai Lab offering haven’t been finalized, and it’s possible the timeline could change, the people said.