Biotech firm I-Mab to divest China operations (updated)

NovaBridge Biosciences

07/02/2024 11:29

(Adds details in paragraph 3 and 4, shares in paragraph 2)
       Feb 7 (Reuters) - I-Mab  IMAB.O  said on Wednesday that
it has agreed to divest its operations and assets in China, as
part of its strategy to become a U.S.-focused biotech firm.
        Shares of the company rose nearly 7% in premarket
trading.
    I-Mab said it will transfer the ownership of its China unit,
I-Mab Shanghai, to its affiliate Hangzhou Company for a total
consideration of upto $80 million.
        The payment will be contingent on Hangzhou achieving
certain regulatory and sales-based milestone, it said in a
statement.
  
        The agreement builds shareholder value by streamlining
the company's operating model, reducing operational costs and
mitigating potential associated risks, it said.
  

 (Reporting by Bhanvi Satija in Bengaluru; Editing by Varun H K)
 ((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91
9873062788;))