Biotech firm I-Mab rises on plan to divest China operations

NovaBridge Biosciences

07/02/2024 12:04

** Shares of biotech firm I-Mab  IMAB.O  rise ~7% to $2.15
premarket 
    ** IMAB says it has agreed to divest its operations and
assets in China, as part of its strategy to become a
U.S.-focused biotech firm 
    ** Says will transfer ownership of China unit, I-Mab
Shanghai, to its affiliate Hangzhou Company for a total
consideration of up to $80 mln
    ** Payment will be contingent on Hangzhou achieving certain
regulatory and sales-based milestone -IMAB
    ** Co says it retains cash in hand, ex-China rights of all
drug candidates in clinical stage
    ** Transaction is expected to close by the end of March 2024
-IMAB
    ** Up to last close, stock down ~61% in the last 12 months 

 (Reporting by Mariam Sunny in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com;))