Biotech IMAB Finances USD 418 Mn in Private Placement
The private placement of USD 418 million indicates the high recognition of biotechnology from many corner-stone investors, including Hillhouse Capital and GIC.
IMAB (IMAB:Nasdaq), the Chinese biotech company, announced a private placement deal of USD 418 million from several global institutional investors. The investment was led by Hillhouse, GIC, Avidity Partners, OrbiMed, Octagon Capital Advisors, Invus, LageBleu Capital, Perceptive Advisors, Cormorant Asset Management, sphere Healthcare and Alyeska Investment Group.
IMAB has been researching at the clinical stage, focusing on target discovery for innovative drugs, clinical development and product commercialization. The bankroll will be expected to accelerate innovative pipelines and global clinical research and enhance commercial capabilities.
The placement is equal to 12,666,740 American Depository Share (ADS) at USD 33. After the deal, Hillhouse Capital will have the right to nominate one representative to join the board of IMAB.