EUR 88.49 For Business Accounts Only

I-Mab (天境生物) Pre-IPO - Strong management and investor backing with differentiated products

I-Mab, a rapidly growing Chinese biotech company, is looking to raise USD100 million via an IPO in the US. The company has a highly differentiated drug pipeline from both its Fast-to-market China portfolio and Fast-to-PoC (proof of concept) global portfolio.

In this note, we look at the company’s four key assets under the Fast-to-market China strategy, under which the company in-licenses products that show potential in the early stage of trials, includingTJ202 (CD38 antibody), TJ101 (long-acting growth hormone), enoblituzumab (B7-H3 antibody), and TJ107 (long-acting IL-7). We also look at the clinical trial results, licensing agreement and timelines of these four products.

Our preliminary reading on the clinical trial results on TJ202 (CD38 antibody), which is under Phase III clinical trial, is that its efficacy appears to be inferior to benchmark product, though its safety profile appears to be better. The co-development agreement with Everest will also result in low attributable valuation to the company.

For TJ101 (long-acting growth hormone), the efficacy seems to be similar to benchmark products with the pain point of daily injection being resolved. We note that the domestic peer that sells recombinant growth hormone product with older technology has registered strong growth recently which suggests encouraging market demand for growth hormone products.

We look into the brief history of the company, background of the founder and chief executive, and detail the substantial shareholders of the company. We think the company has an experienced management team and strong backing of investors.