China's I-Mab falls on US debut after $104m IPO

I-Mab sold 7.4 million shares at $14.00 apiece, with an option to sell an additional 1.1 million shares through the overallotment option, which could bring proceeds to up to $119.3 million, according to a release. Shares traded as low as $12.27 on the first day of trading, closing 10.7% at $12.50 on January 17.

Investors include Hillhouse Capital, Hopu Investments, CDH Investments, Ally Bridge Group, EDBI, CBC Group – formerly C-Bridge Capital – and Hony Capital, the latter of which led a $220 million Series C round last year. CBC is the largest shareholder with a 38.9% stake, according to a prospectus, while Hony holds 8.4%. Other private equity shareholdings fall below the 5% minimum disclosure threshold.

I-Mab was established in 2016 by CBC and traditional Chinese medicine producer Tasly Holding, which jointly provided $150 million in initial funding the following year. The company was created through the merger of two local companies, Tianshizhen Biotechnology and Third Venture Biopharma, both of which had previously received investment from I-Bridge Capital, an early-stage affiliate of CBC.

I-Mab focuses on drug creation targeting cancer and autoimmune diseases with a pipeline of more than 10 clinical and preclinical-stage candidates. The company, which currently operates via offices in both China and the US, aims to be a fully integrated end-to-end biopharmaceutical manufacturer with a global footprint. It has raised more than $400 million in equity to date.

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• Topics
• Greater China
• Healthcare
• Technology
• IPO
• China
• C-Bridge Capital
• Hony Capital
• CDH Investments Management
• Hillhouse Capital Management
• Ally Bridge
• Pharmaceuticals