I-Mab, a China-based developer of treatments for cancers and autoimmune disorders, filed for a $100m initial public offering on Tuesday that will allow pharmaceutical firm Tasly to exit.
Founded in 2016, I-Mab is working on biologics to treat cancer and autoimmune disorders, and intends to put the IPO proceeds into clinical trials for drug candidates including TJ202, for lupus, and a head and neck cancer treatment called enoblituzumab it licensed from biotech producer MacroGenics.
The company also plans to advance TJ101 for paediatric hormone growth deficiency, autoimmune disease candidates TJ301 and TJM2, cancer candidates TJC4 and TJD5, and TJ107 for lymphopenia, a condition indicating a deficiency of blood cells called lymphocytes.
I-Mab incorporates Third Venture Biopharma and Tasgen, the latter a joint venture between Tasly and private equity firm CBC Group. It raised $13m from an entity called IBC Investment Seven in 2016 according to the IPO filing.
The company reportedly secured $150m in a 2017 series B round co-led by Tasly and CBC (then known as C-Bridge), though the filing states only that it received $48m from CBC and a further $30m from CBC and biotech company Genexine, both in September.
Private equity firm Hony Capital led a series C round in August 2018 reported to be $220m in size, investing with Tasly subsidiary Tasly Capital, CBC, Hillhouse Capital, Hopu Investments, CDH Investment, Ally Bridge Group and EDBI.
I-Mab has raised a total of $24m in convertible note financing from Genexine, CBC and a vehicle called Qianhai Ark Cayman between September 2017 and July 2018.
WuXi Biologics HealthCare Venture, a subsidiary of pharmaceutical firm WuXi AppTec, will join contract researcher Tigermed and an entity dubbed Caesar Pro Holdings to buy $27m of the shares in the forthcoming offering.
CBC, the owner of a 38.9% stake, is I-Mab’s largest shareholder, followed by Tasly (14.3%), Genexine (9.1%) and Hony Capital (8.4%).
Jefferies, China International Capital Corporation Hong Kong, China Renaissance Securities (Hong Kong) and Huatai Securities (USA) are the underwriters for the IPO, which is slated to take place on the Nasdaq Global Market.
