I-Mab Receives $418 Million in Private Placement

I-Mab is a dynamic, global biotech company exclusively focused on the discovery, development, and commercialization of novel or highly differentiated biologics in immuno-oncology.

FREMONT, CA: I-Mab, a clinical-stage biopharmaceutical company committed to the discovery, development, and commercialization of novel biologics, entered into definitive subscription agreements with a consortium of institutional investors to raise approximately US$418 million through a private placement. Hillhouse Capital Group led the consortium with significant participation by GIC and other leading Asian and U.S. biotech investment funds, such as Avidity Partners, OrbiMed, Octagon Capital Advisors, Invus, Lake Bleu Capital, Perceptive Advisors, Cormorant Asset Management, Sphera Healthcare, and Alyeska Investment Group, L.P. Hillhouse is entitled to nominate one representative to I-Mab's Board of Directors.

The private placement includes the sale to the investors of approximately US$418 million of the company's 29 133,502 ordinary shares (equivalent to 12,666,740 American Depositary Shares (ADS) at a purchase price equivalent to US$33 per ADS, representing a 2.9 percent premium to the 30-day VWAP; and warrants to subscribe for an aggregate of 5,341,267 Ordinary Shares (equivalent to 2,322,290 ADSs) at an exercise price equivalent to US$45 per ADS, representing a 40.3 percent premium to the 30-day VWAP, which may further increase the proceeds of approximately US$104.5 million if the warrants are fully exercised. The warrants will remain exercisable at the investors' election within 12 months after the private placement's closing.

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The company will receive all proceeds from the private placement and intends to utilize them to fund the ongoing and planned research and clinical programs globally and the development of its commercialization capabilities in China.

"We are honored to have the support of such a distinguished group of globally renowned investors. This financing, which is among one of the largest PIPE deals in recent history, will strengthen our position to effectively execute our strategic priorities and advance our globally competitive pipeline to ultimately bring innovative medicines to patients in need," said Dr.Jingwu Zang, Founder, Honorary Chairman and Director of I-Mab. "We are very pleased to welcome Hillhouse to our Board and look forward to its counsel on our journey to become a fully integrated biopharma."

I-Mab has agreed to file registration statements with the U.S. Securities and Exchange Commission registering the Ordinary Shares issuable resale connected with this private placement, including upon exercise of the warrants.

Jefferies is acting as lead placement agent for the private placement. China Renaissance also participated as a financial advisor.

The company also announced that it has entered into a global partnership agreement to develop and commercialize lemzoparlimab (also known as TJC4), an innovative anti-CD47 monoclonal antibody internally discovered and developed by I-Mab for the treatment of cancers. Also, the two partners will collaborate on additional transformative CD47-based bispecific antibodies as well as combination therapies.

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