I-Mab to rebrand as NovaBridge Biosciences, plans Hong Kong IPO

ROCKVILLE, Md. - I-Mab (NASDAQ:IMAB), currently trading at $0.99 with a market capitalization of $17.55 billion, announced Thursday it will rebrand as NovaBridge Biosciences and plans to pursue a Hong Kong initial public offering to create a dual listing with its existing NASDAQ presence. According to InvestingPro data, the company has demonstrated remarkable momentum with a 115% return over the past six months.

The biotechnology company is transitioning to a new business model focused on global business development and clinical advancement of innovative medicines. Operating with a healthy gross profit margin of 81.77% and maintaining a solid current ratio of 1.36, the company appears well-positioned for this strategic shift. The name change is subject to shareholder approval at an Extraordinary General Meeting scheduled for October 24. For deeper insights into I-Mab’s financial health and growth potential, InvestingPro subscribers have access to over 10 additional key metrics and analysis tools.

As part of its strategic shift, I-Mab announced the pending acquisition of VIS-101, a bifunctional biologic targeting VEGF-A and ANG2 for eye disorders including wet age-related macular degeneration. The acquisition will be completed through a newly formed subsidiary, Visara, Inc., which will receive approximately $37 million in capital from I-Mab.

The company also appointed Kyler Lei as Chief Financial Officer, bringing expertise in Hong Kong and global capital markets to support the planned dual listing strategy.

"With our new business model, we are uniquely positioned to strategically create significant value for patients and investors," said Fu Wei, Executive Chairman of I-Mab, in the press release.

I-Mab’s pipeline includes givastomig, a Claudin 18.2 X 4-1BB bispecific antibody in Phase 1b trials for gastric cancer, with a global Phase 2 study planned to begin in Q1 2026. The company is also developing ragistomig and uliledlimab for various cancer indications.

The company will implement a hub-and-spoke business model to create specialized subsidiary companies focused on specific assets or therapeutic areas, allowing for more focused development and potential partnering opportunities.

According to the company statement, the Asia Pacific region has generated more than 30% of global biopharma assets under development and achieved over $80 billion in deal value through collaborations with multinational pharmaceutical organizations. With a projected revenue growth of 13% for FY2025 and maintaining moderate debt levels, I-Mab appears strategically positioned to capitalize on these regional opportunities.

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