I-Mab Biopharma, a China-based immunotherapy developer backed by pharmaceutical firm Tasly Pharmaceuticals, is considering a $500m initial public offering, Bloomberg has reported, citing people familiar with the matter.
The company is expected to submit its application to the Hong Kong Stock Exchange this week, with a flotation planned by the end of 2018.
I-Mab Biopharma was created in March 2017 through the merger of biologics technology developers Third Venture Biotech and Tasgen Bio. It has 12 immuno-oncology and immuno-inflammation assets in its pipeline, targeting cancer and autoimmune conditions.
Tasly Capital, the corporate venturing vehicle for Tasly Pharmaceuticals, contributed to a $220m series C round for the company that was led by Hony Capital, the private equity firm established by conglomerate Legend Holdings, in June this year.
Hillhouse Capital, Hopu Investments, CDH Investment, Ally Bridge Group, C-Bridge Capital and EDBI, the investment arm of Singaporean government agency Economic Development Board, also took part in the series C round.
Tasly and C-Bridge had previously co-led a $150m series B round that supported the merger in 2017. The two formed Tasgen as a joint venture with immunotherapy producer Genexine and venture capital firm I-Bridge Capital in 2015.
Third Venture Biopharma had secured an undisclosed amount in a 2016 series A round led by I-Bridge.