Everest Medicines Makes Strategic Investment in I-Mab to Strengthen Global Oncology Footprint

Everest Medicines , a biopharmaceutical company focused on innovative therapies, announced a strategic equity investment in I-Mab , a clinical-stage biopharma company dedicated to precision immuno-oncology.

"This investment is a key step in Everest’s strategy to expand its presence in next-generation oncology across global markets," said Rogers Yongqing Luo, CEO of Everest Medicines. "We recognize I-Mab’s unique translational capabilities in the U.S., which are highly complementary to Everest’s strong foundation in Asia. Together, we can potentially accelerate the development of cutting-edge therapies across both regions."

Everest is actively building a pipeline of internally developed oncology assets, including mRNA cancer vaccines and in vivo CAR-T therapies targeting both cancer and autoimmune disorders. The company sees strong alignment with I-Mab’s proprietary 4-1BB bispecific antibody platform, particularly in oncology assets such as:

• Givastomig (Claudin 18.2 x 4-1BB bispecific antibody)

• Ragistomig (PD-L1 x 4-1BB bispecific antibody)

Both candidates are currently in clinical development and offer significant promise in cancer immunotherapy. Everest is closely monitoring progress, including I-Mab’s recent Phase 1b clinical results for givastomig in first-line gastric cancer, which showed an objective response rate (ORR) of 83% when combined with immunotherapy—data presented at the ESMO GI 2025 conference.

I-Mab announced an underwritten public offering of 33,333,334 American Depositary Shares (ADSs), representing 76,666,668 ordinary shares, at a price of $1.95 per ADS, raising gross proceeds of approximately US$65 million.

As part of this offering, Everest will subscribe to 15,846,154 ADSs, amounting to an investment of US$30.9 million. After the transaction, Everest will hold a total of 15,846,154 ADSs and 6,078,571 ordinary shares, equating to approximately 16.1% of I-Mab’s total issued share capital, including shares already held.

Under Hong Kong Stock Exchange regulations (Chapter 14), the transaction is not classified as a notifiable transaction, as all applicable percentage ratios remain below the 5% threshold, and therefore does not require a shareholder announcement or approval.

From a financial reporting standpoint, the investment will be recorded as non-current assets under "investments" on Everest's balance sheet. Mark-to-market changes in fair value will be recognized through other comprehensive income, with no impact on the company’s profit and loss statement or operating expenses.

I-Mab is a U.S.-based global biotechnology company focused on precision immuno-oncology. Its clinical-stage pipeline includes:

• Givastomig – Claudin 18.2 x 4-1BB bispecific antibody

• Ragistomig – PD-L1 x 4-1BB bispecific antibody

• Uliledlimab – CD73 antibody

The company’s innovative approach and pipeline complement Everest’s mission to bring transformative therapies to cancer patients worldwide.