I-Mab Completes Divestment of China Operations Marks Strategic Transition.

03 Apr, 2024

I-Mab Completes Divestment of China Operations Marks Strategic Transition.

U.S.-based biotech leader I-Mab, dedicated to pioneering immunotherapies for cancer, has successfully finalized the divestiture transaction, as previously announced in February 7, 2024. All prerequisites for the transaction have been met or waived, resulting in the completion of the deal.

In this transaction, I-Mab transferred all outstanding equity interest in I-Mab Biopharma Co., Ltd. ("I-Mab Shanghai") to I-Mab Biopharma (Hangzhou) Co., Ltd. ("Hangzhou Company"), on a cash-free and debt-free basis. The deal, valued up to US$80 million in and RMB, is contingent of Hangzhou Company's future regulatory at sales-based milestones.

Simultaneously, I-Mab's subsidiary, I-Mab Biopharma Hong Kong Limited ("I-Mab Hong Kong"), relinquished its equity interests in Hangzhou Company to selected shareholders. This exchange facilitated the discharge of approximately US$183 million in repurchase obligations owed by I-Mab Hong Kong, extinguishing the corresponding liabilities.

Moreover, I-Mab injected US$19 million cash into the Hangzhou Company during its Series C fundraising. These strategic maneuvers signify I-Mab's commitment to innovation and expansion in the biotech landscape.