Global private equity firms flock to China-based I-Mab

I-Mab Biopharma announced a $418 million private placement deal, with numerous private equity managers joining Hillhouse Capital in supporting the biologics company.

In addition to Hillhouse, which led the financing round, Singapore’s GIC joined other leading Asian and U.S. biotech investment funds, including OrbiMed, Octagon Capital Advisors, Perceptive Advisors, Cormorant Asset Management, Sphera Healthcare and Alyeska Investment Group.

I-Mab sold over 29 million ordinary shares in the deal as the company said it is on track to transition from a clinical stage biotech company toward a fully integrated global biopharmaceutical company . . .

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