Biotech firm I-Mab to divest China operations, shift focus to US [Reuters]
I-MAB - American Depositary Shares (IMAB)
Company Research
Source: Reuters
part of its strategy to become a U.S.-focused biotech firm, sending the company's shares up nearly 11% in premarket trading. The company will sell its China unit, I-Mab Shanghai, to affiliate Hangzhou Co for up to $80 million, subject to certain regulatory and sales-based milestones. The move makes strategic sense, Cantor Fitzgerald analyst Louise Chen said, adding that the development came as a surprise. Investors have shown reluctance to invest in China-based biotech companies mainly due to geopolitical concerns, according to Chen. Chinese markets have been under pressure in recent years , hurt first by a trade spat with U.S. and then by the collapse of property giant China Evergrande. I-Mab, which also named Joseph Skelton as its new chief financial officer, will continue to be listed on the Nasdaq and retain outside-China rights for all of its experimental treatments being tested in human trials. These include the company's cancer drug uliledlimab, being tested in a mi
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IMAB
News
- I-MAB Filed 2023 Annual Report on Form 20-F [Yahoo! Finance]Yahoo! Finance
- I-MAB Filed 2023 Annual Report on Form 20-FPR Newswire
- I-Mab (NASDAQ: IMAB) had its "buy" rating re-affirmed by analysts at Needham & Company LLC. They now have a $6.00 price target on the stock.MarketBeat
- I-Mab to Participate at the 23rd Annual Needham Virtual Healthcare Conference [Yahoo! Finance]Yahoo! Finance
- I-Mab to Participate at the 23rd Annual Needham Virtual Healthcare ConferencePR Newswire
IMAB
Sec Filings
- 4/30/24 - Form 20-F
- 4/15/24 - Form 6-K
- 4/2/24 - Form 6-K
- IMAB's page on the SEC website