Everest Medicines has announced a strategic $30.9 million equity investment in I-Mab, a U.S.-based biotech company developing precision immuno-oncology agents, following impressive clinical results for I-Mab's lead bispecific antibody in gastric cancer treatment.
The investment comes after I-Mab's Claudin 18.2 x 4-1BB bispecific antibody, givastomig, demonstrated an 83% overall response rate (ORR) in combination with immunotherapy in a Phase 1b trial of first-line gastric cancers. These results were recently presented at the ESMO GI 2025 conference.
Strategic Partnership Details
Under the investment arrangement, Everest will subscribe for 15,846,154 American Depositary Shares as part of I-Mab's $65 million underwritten offering. Combined with shares already held, Everest's ownership will reach 16.1% of I-Mab's total issued share capital.
"This strategic equity investment furthers our plan to be an active player in next-generation oncology programs across global markets," said Rogers Yongqing Luo, Chief Executive Officer of Everest Medicines. "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."
Complementary Technology Platforms
The partnership brings together complementary therapeutic approaches. Everest has built internally developed pipeline assets including mRNA therapeutic cancer vaccines and in vivo CAR-T therapies targeting cancer and autoimmune diseases. These platforms meaningfully intersect with I-Mab's differentiated 4-1BB receptor targeting platform and bispecific antibody pipeline.
I-Mab's clinical-stage pipeline includes three key products: Givastomig (Claudin 18.2 x 4-1BB bispecific antibody), Ragistomig (PD-L1 x 4-1BB bispecific antibody), and Uliledlimab (CD73 antibody).
Givastomig's Mechanism and Clinical Promise
Givastomig is designed as a potential best-in-class bispecific antibody for treating Claudin 18.2-positive gastric cancers. The drug conditionally activates T cells via the 4-1BB signaling pathway in the tumor microenvironment where Claudin 18.2 is expressed. In ongoing Phase 1 trials, givastomig has maintained strong tumor-binding and anti-tumor activity, attributed to a potential synergistic effect of proximal interaction with Claudin 18.2 and 4-1BB, while minimizing toxicities commonly seen with other 4-1BB agents.
The drug is being developed for first-line metastatic gastric cancers, with additional potential in other solid tumors.
Global Development Strategy
The collaboration is expected to accelerate development and global expansion of pipeline products for both companies. I-Mab's clinical translational capabilities in the U.S. complement Everest's clinical capabilities in Asia, potentially enabling both companies to leverage their combined expertise to run clinical programs in both China and the U.S.
"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," Luo added.
Financial Structure
The investment will be booked as "investments" under non-current assets on Everest's balance sheet. Changes from "mark-to-market" will be reflected in fair value through other comprehensive income, with no impact on the company's profit and loss statement.
New investors in I-Mab's offering also include Janus Henderson Investors, Adage Capital Partners LP, Woodline Partners, and Exome Asset Management, indicating broader institutional confidence in the company's prospects.
