Everest Medicines Invests $30.9 Mn in I-Mab to Expand Oncology Capabilities
The investment comes as part of I-Mab’s underwritten offering of 33.3 million American Depositary Shares (ADS) at $1.95 per share, totaling $65 million in gross proceeds.
Everest Medicines has announced a strategic equity investment of $30.9 million in US-headquartered biotechnology company I-Mab, which trades on the Nasdaq Global Market under the symbol “IMAB.”
The move secures Everest a 16.1% stake in I-Mab, aligning with its broader goal of becoming a global leader in next-generation oncology therapeutics.
“This strategic equity investment furthers our plan to be an active player in next-generation oncology programs across global markets,” said Rogers Yongqing Luo, CEO of Everest Medicines. “Everest and its board of directors believe this investment recognizes I-Mab’s unique clinical translational capabilities in the US, which are complementary and synergistic with the company’s strong Asia presence.”
Luo highlighted I-Mab’s differentiated immuno-oncology platform, especially its Claudin 18.2 and PD-L1 bispecific antibody candidates, Givastomig and Ragistomig, as areas of key interest for Everest’s pipeline, which includes mRNA-based cancer vaccines and in vivo CAR-T therapies. He also noted potential opportunities for both companies to jointly run clinical programs in the US and China.
The investment comes as part of I-Mab’s underwritten offering of 33.3 million American Depositary Shares (ADS) at $1.95 per share, totaling $65 million in gross proceeds.
Everest’s share in this round includes 15.8 million ADSs. Everest also holds 6.1 million ordinary shares from previous transactions, bringing its total equity to 16.1% of I-Mab’s issued share capital.
According to Everest, this equity will be recorded as a non-current investment on its balance sheet and will not impact the company’s profit-and-loss statement, as mark-to-market valuation changes will be reflected in other comprehensive income.
I-Mab currently has three clinical-stage candidates in its pipeline: Givastomig (Claudin 18.2 x 4-1BB bispecific), Ragistomig (PD-L1 x 4-1BB bispecific), and Uliledlimab (CD73 antibody). At the recent ESMO GI 2025 conference, I-Mab reported an 83% objective response rate in a phase 1b trial evaluating Givastomig in first-line gastric cancer in combination with immunotherapy.
Shanghai-based Everest Medicines, known for developing innovative pharmaceutical and vaccine products for Asian markets, is now extending its global reach through strategic investments. This deal marks a deepening of its focus on precision immuno-oncology and collaborative global development.
