Singapore’s sovereign wealth fund GIC has participated in a consortium of institutional investors, led by Hillhouse Capital Group, to invest $418 million through a private placement in Nasdaq-listed Chinese biopharma company I-Mab, according to a GIC press release.
The consortium also includes Asian and US biotech investment funds such as Avidity Partners, OrbiMed, Octagon Capital Advisors, Invus, Lake Bleu Capital, Perceptive Advisors, Cormorant Asset Management, Sphera Healthcare and Alyeska Investment Group, L.P.
Asia-focused private equity major Hillhouse will nominate one representative to I-Mab’s board of directors. Jefferies LLC acting as lead placement agent for the private placement while China Renaissance participated as a financial advisor, per a statement from I-Mab.
I-Mab will use the proceeds for ongoing research and clinical programmes globally, as well as to develop its commercialisation capabilities in China.
“This financing, which is among one of the largest PIPE deals in recent history, will strengthen our position to effectively execute our strategic priorities and advance our globally competitive pipeline to ultimately bring innovative medicines to patients in need,” said I-Mab founder-director Dr Jingwu Zang.
GIC’s chief investment officer of private equity Choo Yong Cheen said, “our recent investment represents the strengthening of our partnership with I-Mab. As a long-term investor, we have been supporting the growth of the company from a discovery-focused start-up, through its IPO, and towards becoming a global biopharma.”
I-Mab raised $104 million in an initial public offering in the US in January this year.