Everest Medicines announces strategic equity investment in I-Mab

Everest Medicines announced that it has made a strategic equity investment in I-Mab (IMAB). Rogers Yongqing Luo, CEO of Everest Medicines, said, “As a biotech pioneer in China, Everest has built internally developed pipeline 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 and Ragistomig, 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 U.S. Everest is proud to develop innovative and valuable therapies that can benefit cancer patients globally.” I-Mab announced an underwritten offering of 33,333,334 American Depositary Shares representing 76,666,668 ordinary shares at an offering price of $1.95 per ADS, for total gross proceeds of approximately $65M. Under the arrangement of this offering, Everest will subscribe for 15,846,154 ADSs with an aggregate consideration of $30.9M. 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% of the total issued share capital of I-Mab, inclusive of 6,078,571 ordinary shares already held by Everest. I-Mab recently presented positive Phase 1b dose escalation results for givastomig in combination with immunotherapy in first line gastric cancer at the ESMO GI 2025 conference.