Everest To Invest $30.9M In Cash In I-Mab; Inclusive Of I-MAB Shares Already Held By Everest, Pro Forma Ownership Will Be 16.1%

- Everest will invest US$30.9 million (equivalent to approximately HK$242.6 million) in cash in I-Mab. Inclusive of I-MAB shares already held by Everest, the pro forma ownership will be 16.1%.

- I-Mab's Claudin 18.2 x 4-1BB bispecific antibody, givastomig, demonstrated an impressive overall response rate (ORR) of 83% in combination with immunotherapy in a Phase 1b trial of first line gastric cancers.

- I-Mab's differentiated 4-1BB receptor targeting platform and bispecific antibody pipeline are highly complementary with the Company's existing mRNA cancer vaccines and in vivo CAR-T platform.

- Complementary and synergistic clinical development and business development platforms, especially I-Mab's unique clinical translational capabilities, particularly in the U.S., and Everest's clinical capabilities in Asia, could help accelerate the development and global expansion of pipeline products for both companies.

-  New investors in this offering also include Janus Henderson Investors, Adage Capital Partners LP, Woodline Partners, and Exome Asset Management

SHANGHAI, Aug. 1, 2025 /PRNewswire/ -- Everest Medicines (HKEX 1952.HK, "Everest", or the "Company"), a biopharmaceutical company focused on the discovery, clinical development, manufacturing, and commercialization of innovative therapeutics, today announced that it has made a strategic equity investment in I-Mab, (''I-Mab''), a company listed on the Nasdaq Global Market (''Nasdaq'') trading under the symbol ''IMAB".

"This strategic equity investment furthers our plan to be an active player in next-generation oncology programs across global markets. Everest and its Board of Directors believe this investment recognizes I-Mab's unique clinical translational capabilities in the U.S., which are complementary and synergistic with the Company's strong Asia presence," said Rogers Yongqing Luo, Chief Executive Officer of Everest Medicines. "As a biotech pioneer in China, Everest has built internally developed pipeline assets including mRNA therapeutic cancer vaccines and in vivo CAR-T therapies targeting cancer and autoimmune diseases. Our areas of focus meaningfully intersect with I-Mab's differentiated 4-1BB platform and bispecific antibody pipeline, including oncology candidates Givastomig (Claudin 18.2 x 4-1BB bispecific antibody) and Ragistomig (PD-L1 x 4-1BB bispecific antibody), both promising programs that we are closely watching. Furthermore, both companies may be able to leverage their combined expertise to run clinical programs in both China and the U.S. Everest is proud to develop innovative and valuable therapies that can benefit cancer patients globally."