I-Mab sets sights on US amid plans to divest China operations
07 Feb 2024
Executive ChangeAcquisitionLicense out/inIPO
I-Mab on Wednesday announced a decision to sell off its operations and assets in China, part of its strategy to shift focus towards becoming a biotech company centred on the US market. The move makes strategic sense, but still came as a surprise, according to Cantor Fitzgerald analyst Louise Chen, who noted that investors have been reluctant to pour money in China-based biotechs mainly due to geopolitical concerns.
Under the agreement, I-Mab's Chinese subsidiaries have entered into definitive agreements with I-Mab affiliate Hangzhou Co. and a group of China-based investors to transfer its assets in the country. The deal, expected to close in March, is valued at up to $80 million, contingent on Hangzhou Co. achieving certain future regulatory and sales-based milestones. I-Mab said it also retains a right of first negotiation outside of China related to three future investigational new drug candidates.
Once the divestiture is completed, Hangzhou Co. will acquire China rights for the paediatric growth hormone deficiency therapy eftansomatropin alfa, as well as for the experimental cancer treatments felzartamab, uliledlimab, givastomig, and lemzoparlimab, and bear all future development costs of these assets.
I-Mab, which will continue to be listed on the Nasdaq, retains ex-China rights for all of its experimental treatments already in clinical testing. These include uliledlimab, a CD73 antibody in mid-stage testing with Junshi Biosciences' Tuoyi (toripalimab) for non-small-cell lung cancer, as well as its early-stage cancer treatments givastomig and TJ-L14B. Both are bispecific antibodies; the first targets Claudin 18.2 and 4-1BB, while the second is directed against PD-L1 and 4-1BB.
Last year, AbbVie broke off an agreement with I-Mab to develop certain CD47 antibody compounds, including the programme's lead drug lemzoparlimab.
Meanwhile, I-Mab's release on Wednesday also announced the appointment of Joseph Skelton as its next chief financial officer, replacing Richard Yeh, who resigned from the board and his executive positions.
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