GIC joins consortium investing US$418m in I-Mab

SINGAPORE'S sovereign wealth fund GIC has joined a consortium of institutional investors, led by Hillhouse Capital Group, to invest around US$418 million through a private placement in Nasdaq-listed I-Mab, a clinical stage biopharmaceutical company.

I-Mab is committed to the discovery, development and commercialisation of novel biologics, and intends to use the placement proceeds to fund ongoing and planned research and clinical programmes globally. It will also develop its commercialisation capabilities in China.

Choo Yong Cheen, chief investment officer of private equity at GIC, 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 startup, through its IPO (initial public offering), and towards becoming a global biopharma. We are confident that the company's management will continue to maintain a focus on innovation."

Other participants in the consortium include Avidity Partners, OrbiMed, Octagon Capital Advisors, Invus, Lake Bleu Capital, Perceptive Advisors, Cormorant Asset Management, Sphera Healthcare and Alyeska Investment Group.