HONG KONG, Aug 2, 2025 - (ACN Newswire) - Everest Medicines (HKEX: 1952.HK) today announced a strategic equity investment in I-Mab (NASDAQ: IMAB), under which Everest will invest US$30.9 million (equivalent to approximately HK$242.6 million) in cash. Upon completion of the subscription and inclusive of shares already held, Everest will own approximately 16.1% of I-Mab’s total outstanding shares.

Under the terms of the agreement of this offering, Everest will subscribe for 15,846,154 newly issued American depositary shares (ADSs) of I-Mab at a price of US$1.95 per ADS, for a total consideration of US$30.9 million. Upon completion, Everest will hold a total of 15,846,154 ADSs and 6,078,571 ordinary shares, representing approximately 16.1% of I-Mab’s total issued share capital, inclusive of 6,078,571 ordinary shares it already owns. In addition to Everest, several leading global institutional investors are participating in this offering, including Janus Henderson Investors, Adage Capital Partners LP, Woodline Partners, and Exome Asset Management.

This strategic investment marks a significant step in Everest’s ongoing efforts to strengthen its position in next-generation cancer immunotherapy. It also reflects the strong clinical and business development complementarity and synergy between the two companies. I-Mab’s Claudin 18.2 x 4-1BB bispecific antibody, givastomig, demonstrated an impressive overall response rate (ORR) of 83% in combination with immunotherapy in a Phase 1b trial for first-line gastric cancer. I-Mab’s differentiated 4-1BB receptor-targeting platform and bispecific antibody pipeline are highly complementary with Everest’s existing mRNA cancer vaccine and in vivo CAR-T platforms.

In addition, I-Mab’s unique clinical translational capabilities, particularly in the U.S., combined with Everest’s clinical capabilities in Asia, could help accelerate the development and global expansion of pipeline products for both companies.

“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 U.S., which are complementary and synergistic with the Company’s strong Asia presence,” said Rogers Yongqing Luo, Chief Executive Officer of Everest Medicines. “As a biotech pioneer in China, Everest has built internally developed pipeline assets including mRNA therapeutic cancer vaccines and in vivo CAR-T therapies targeting cancer and autoimmune diseases. Our areas of focus meaningfully intersect with I-Mab’s differentiated 4-1BB platform and bispecific antibody pipeline, including oncology candidates Givastomig (Claudin 18.2 x 4-1BB bispecific antibody) and Ragistomig (PD-L1 x 4-1BB bispecific antibody), both promising programs that we are closely watching. Furthermore, both companies may be able to leverage their combined expertise to run clinical programs in both China and the U.S. Everest is proud to develop innovative and valuable therapies that can benefit cancer patients globally.”

The strategic equity investment not only strengthens Everest Medicines’ position in next-generation immuno-oncology, but also extends the global development path of its proprietary AI-powered mRNA platform. As a key pillar of Everest’s “dual-engine” strategy of in-licensing and internal innovation, the company has made solid progress in building and internationalizing its AI+mRNA platform. Multiple pipeline programs are advancing in preclinical research, with a strong focus on oncology and autoimmune diseases. Looking ahead, Everest will accelerate global clinical development and regulatory efforts, while actively exploring collaborations with leading international biopharmaceutical companies to maximize the value of its platform and bring breakthrough therapies to patients worldwide.