Everest Medicines has announced a strategic equity investment of US$30.9 million in I-Mab, acquiring 15,846,154 newly issued American depositary shares at US$1.95 per share. Following the transaction, Everest will hold approximately 16.1% of I-Mab’s total issued share capital.
The investment includes Everest’s existing 6,078,571 ordinary shares in I-Mab. Other participants in the offering include Janus Henderson Investors, Adage Capital Partners LP, Woodline Partners and Exome Asset Management.
Everest said the deal enhances its position in next-generation cancer immunotherapy and reflects strong synergy between the two companies. I-Mab’s Claudin 18.2 x 4-1BB bispecific antibody, givastomig, showed an 83% overall response rate in a phase 1b trial for first-line gastric cancer.
I-Mab’s bispecific antibody pipeline and 4-1BB receptor-targeting platform complement Everest’s mRNA cancer vaccine and in vivo CAR-T platforms. The companies aim to accelerate development and global expansion of pipeline products.
Everest highlighted the potential to combine I-Mab’s clinical translational capabilities in the US with its own expertise in Asia. This could support joint clinical programmes across both regions.
Rogers Yongqing Luo, Everest’s Chief Executive Officer, said: “This strategic equity investment furthers our plan to be an active player in next-generation oncology programs across global markets. 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.”
He added: “Our areas of focus meaningfully intersect with I-Mab’s differentiated 4-1BB platform and bispecific antibody pipeline, including oncology candidates Givastomig and Ragistomig.”
Everest said the investment also supports the global development of its AI-powered mRNA platform, which is advancing multiple preclinical programmes targeting cancer and autoimmune diseases.
