Everest Medicines, a biopharmaceutical company focused on the discovery, clinical development, manufacturing, and commercialisation of innovative therapeutics, has announced that it has made a strategic equity investment in I-Mab.

I-Mab has announced an underwritten offering of 33,333,334 American Depositary Shares representing 76,666,668 ordinary shares at an offering price of USD 1.95 per ADS, for total gross proceeds of approximately USD 65 million.

Under the arrangement of this offering, Everest will subscribe for 15,846,154 ADSs, with an aggregate consideration of USD 30.9 million. Upon completion of the subscription, the company shall hold an aggregate of 15,846,154 ADSs and 6,078,571 ordinary shares, representing approximately 16.1 percent of the total issued share capital of I-Mab, inclusive of 6,078,571 ordinary shares already held by Everest.

“This strategic equity investment furthers our plan to be an active player in next-generation oncology programs across global markets. Everest and its Board of Directors believe this investment recognises I-Mab's unique clinical translational capabilities in the US, which are complementary and synergistic with the Company's strong Asia presence,” said Rogers Yongqing Luo, Chief Executive Officer of Everest Medicines.

He further added, “As a biotech pioneer in China, Everest has built an internally developed pipeline of assets, including mRNA therapeutic cancer vaccines and in vivo CAR-T therapies targeting cancer and autoimmune diseases. Our areas of focus meaningfully intersect with I-Mab's differentiated 4-1BB platform and bispecific antibody pipeline, including oncology candidates Givastomig (Claudin 18.2 x 4-1BB bispecific antibody) and Ragistomig (PD-L1 x 4-1BB bispecific antibody), both promising programs that we are closely watching.”

“Furthermore, both companies may be able to leverage their combined expertise to run clinical programs in both China and the US. Everest is proud to develop innovative and valuable therapies that can benefit cancer patients globally,” added Luo.

I-Mab is a US-based, global biotech company, focused on the development of precision immuno-oncology agents for the treatment of cancer. There are three pipeline products of I-Mab in clinical stage, Givastomig (Claudin 18.2 x 4-1BB bispecific antibody), Ragistomig (PD-L1 x 4-1BB bispecific antibody) and Uliledlimab (CD73 antibody).