Week In Review: Shanghai's I-Mab Plans $100 Million NASDAQ IPO On January 16

I-Mab, a Phase III Shanghai immunoncology-autoimmune biopharma, announced the terms for its $100 million IPO on the NASDAQ exchange at a market value of $750 million (see story). The company plans to offer 7.4 million shares at a price that ranges from $12 to $15. Final pricing is expected on January 16. In addition, I-Mab has dosed the first patient in a registrational China Phase II trial of a CD38 antibody in patients with relapsed-refractory multiple myeloma (MM). In 2017, I-Mab in-licensed greater China rights to the antibody from Germany's MorphoSys (FSE: MOR).

Beijing's BeiGene (Nasdaq: BGNE; HK: 06160) announced a $132 million collaboration with Leap Therapeutics (Nasdaq: LPTX) of the US for Asia rights (excluding Japan) to Leap's anti-Dickkopf-1 (DKK1) antibody (see story). BeiGene intends to test DKN-01 as a treatment for various gastric cancers in combination with tislelizumab, its PD-1 molecule that was approved for use in China earlier this week. BeiGene paid $3 million for an option on the Asia rights, plus it will make a $5 million equity investment in Leap as part of a $27 million PIPE that also included two institutional investors.

Suzhou's CF PharmaTech, a company focused on providing high-quality and affordable inhalation products globally, raised $90 million in a Series E funding led by New Alliance Capital (see story). In 2017, CF completed a $65 million Series D round. The company is developing an expanding pipeline of over 20 products for China and global markets. Its four R&D delivery platforms include MDI, nasal spray, nebulizer and DPI. CF said the funding will allow it bring its products to commercialization. CF has built a manufacturing facility in Suzhou that is compliant with US, China and EU regulations.

MyGene Diagnostics of Guangzhou completed a $14 million Series B round to provide second-gen high throughput screening for clinical diagnostics and treatment guidelines of cancer (see story). Founded in 2015, MyGene provides individualized precision treatment guidance for cancer patients, including genetic risk assessment, early screening, individualized medication guidance and prognosis monitoring. The B round was led by Shenzhen Capital Group, an existing investor, and CASH Capital of Beijing. Great Wall Fund Management and Zhanglong Sanjun Venture Capital Investment also participated.

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