ROCKVILLE, Md., April 2,
2024 /PRNewswire/ -- I-Mab (the "Company")
(NASDAQ: IMAB) a U.S.-based, global biotech company,
exclusively focused on the development and potential
commercialization of highly differentiated immunotherapies for the
treatment of cancer, today announced that all conditions
precedent to the divestiture transaction previously announced on
February 7, 2024 (the
"Transaction") have been either satisfied or waived and
accordingly, the Transaction has successfully closed.
The Company transferred 100% of the outstanding equity interest
in I-Mab Biopharma Co., Ltd. ("I-Mab Shanghai") to I-Mab
Biopharma (Hangzhou) Co., Ltd.
(the "Hangzhou Company"), on a cash-free and debt-free
basis, for an aggregate consideration of the RMB equivalent of up
to US$80 million, contingent on the
Hangzhou Company group's achievement of certain future regulatory
and sales-based milestone events.
Concurrent with the aforementioned equity interest transfer, the
Company's wholly owned subsidiary, I-Mab Biopharma Hong Kong
Limited ("I-Mab Hong Kong"), transferred the equity
interests it held in the Hangzhou Company to certain participating
shareholders of the Hangzhou Company in exchange for extinguishment
of certain repurchase obligations owed by I-Mab Hong Kong to those
shareholders in the amount of approximately US$183 million. As a result of the closing of the
Transaction, the repurchase obligations owed by I-Mab Hong Kong to
those participating shareholders have been extinguished. The total
amount of potential repurchase obligations owed by I-Mab Hong Kong
and the Company to the non-participating shareholders of the
Hangzhou Company is expected to range from US$30 million to US$35
million.
Meanwhile, the Company participated in the Series C fundraising
of the Hangzhou Company for an equity interest subscription of
US$19 million in cash.
For more information about the previously announced Transaction,
please visit here.
About I-Mab
I-Mab (NASDAQ: IMAB) is a U.S.-based, global biotech company,
exclusively focused on the development and potential
commercialization of highly differentiated immunotherapies for the
treatment of cancer. I-Mab has established operations in the U.S.
in Rockville, Maryland, and in
San Diego, California. For more
information, please visit http://www.i-mabbiopharma.com and
follow us on LinkedIn and X.
I-Mab Forward Looking Statements
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident," and similar statements. I-Mab
may also make written or oral forward-looking statements in its
periodic reports to the U.S. Securities and Exchange Commission
(the "SEC"), in its annual report to shareholders, in press
releases and other written materials and in oral statements made by
its officers, directors or employees to third parties. Statements
that are not historical facts, are forward-looking statements. Such
statements reflect I-Mab's current beliefs and expectations, and
current information available to I-Mab, and are subject to certain
risks, uncertainties and assumptions, including, without
limitation, statements regarding the expected aggregate
consideration for the transfer of I-Mab Shanghai to the Hangzhou
Company and the total amount of potential repurchase obligations
owed by I-Mab Hong Kong and the Company to the non-participating
shareholders of the Hangzhou Company. A number of factors could
cause actual results to differ materially from those contained in
these forward-looking statements, including but not limited to the
following: I-Mab's ability to obtain anticipated pipeline assets,
rights and interests, I-Mab's ability to demonstrate the safety and
efficacy of its drug candidates; the clinical results for its drug
candidates, which may or may not support further development or New
Drug Application/Biologics License Application (NDA/BLA) approval;
the content and timing of decisions made by the relevant regulatory
authorities regarding regulatory approval of I-Mab's drug
candidates; I-Mab's ability to achieve commercial success for its
drug candidates, if approved; I-Mab's ability to obtain and
maintain protection of intellectual property for its technology and
drugs; I-Mab's reliance on third parties to conduct drug
development, manufacturing and other services; I-Mab's limited
operating history and I-Mab's ability to obtain additional funding
for operations and to complete the development and
commercialization of its drug candidates; as well as the
discussions of potential risks, uncertainties, and other important
factors in I-Mab's most recent annual report on Form 20-F and
I-Mab's subsequent filings with the SEC. Under certain
circumstances, such as an independent review or audit of the
divestiture transaction the Company may remain liable for
additional financial liability that may be difficult to determine
at this time. All forward-looking statements are based on
information currently available to I-Mab. I-Mab undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events,
or otherwise, except as may be required by law.
I-Mab Contacts
Investors & Media
Tyler
Ehler
Senior Director, Investor Relations
IR@imabbio.com
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SOURCE I-Mab Biopharma