I-Mab Biopharma, a late-stage cancer/autoimmune biotech developing in-licensed antibodies in China, announced terms for its US IPO on Friday.
The Shanghai, China-based company plans to raise $100 million by offering 7.4 million ADSs at a price range of $12 to $15. Insiders intend to purchase $15 million worth of shares in the offering and several other investors have indicated on $33 million (48% pre-bought). At the midpoint of the proposed range, I-Mab Biopharma would command a market value of $876 million.
The proposed valuation comes below its last fundraising round; the company raised $27 million at $16.10 per ADS in November 2019.
I-Mab Biopharma was founded in 2014 and booked $6 million in licensing and collaboration revenue for the 12 months ended September 30, 2019. It plans to list on the Nasdaq under the symbol IMAB. It had been on our Private Company Watchlist since August 2019. Jefferies and CICC are the joint bookrunners on the deal. It is expected to price on Thursday, January 16, 2019.
