I-Mab (NASDAQ: IMAB) announced a comprehensive strategic transformation to become a global biotechnology platform company, including plans to rebrand as NovaBridge Biosciences and pursue a Hong Kong initial public offering for dual listing on NASDAQ and the Hong Kong Stock Exchange. The company also revealed the pending acquisition of VIS-101, a novel bifunctional biologic for ophthalmic indications, through its newly formed subsidiary Visara.
Strategic Business Model Transformation
The company is transitioning to a "hub-and-spoke" model designed to create and advance specialized subsidiary companies focused on specific assets or therapeutic areas. This approach aims to optimize risk management and value creation through potential partnering transactions, leveraging the backing of CBC Group, Asia's largest dedicated healthcare asset management firm.
"We believe we are entering a new era of rapid growth in the global biotech economy, driven by greater innovation capability in China and Asia and a resurgence of investment in high growth international markets across Asia," said Fu Wei, Executive Chairman of I-Mab. The company cites emerging trends showing that the Asia Pacific region has generated more than 30% of global biopharma assets under development and achieved more than $80 billion in deal value through collaborations with leading multinational pharmaceutical organizations.
VIS-101 Acquisition and Visara Formation
The pending acquisition centers on VIS-101 (formerly AM712/ASKG712), a bifunctional biologic targeting VEGF-A and ANG-2 for the treatment of wet age-related macular degeneration (wet AMD) and diabetic macular edema (DME). The acquisition will be completed by Visara, a newly formed clinical-stage biopharmaceutical company focused on ophthalmic therapeutics.
Visara will launch with approximately $37 million in capital infusion from I-Mab and contributions from AffaMed Therapeutics (HK) Limited. VIS-101 has completed initial safety and dose-escalation studies in both the US and China and is currently completing a randomized, dose-ranging Phase 2 study in China. The compound is anticipated to be Phase 3-ready in 2026.
"VIS-101 is anticipated to be second-in-class with best-in-class potential, based on bioengineered, superior target neutralizing capabilities," said Emmett T. Cunningham Jr., MD, PhD, MPH, Co-Founder and Executive Chairman of Visara. Dr. Cunningham brings over 25 years of experience as a physician, innovator, and investor, having previously served as Senior Managing Director at Blackstone Group L.P.
Pipeline Development Progress
The company's lead asset, givastomig, a Claudin 18.2 x 4-1BB bispecific antibody, demonstrated compelling Phase 1b combination data that reinforced confidence in its potential as a best-in-class therapy for gastric cancer. A global randomized Phase 2 study is planned to begin in Q1 2026, developed through a global partnership with ABL Bio.
Additional pipeline assets include ragistomig, an anti-PD-L1 x 4-1BB bispecific antibody in Phase 1b development with results expected in the second half of 2026, and uliledlimab, an anti-CD73 antibody targeting adenosine-driven immunosuppression, with progression-free survival data expected in the second half of 2026 from an ongoing randomized Phase 2 trial.
Leadership and Financial Strategy
Kyler Lei has been appointed Chief Financial Officer, effective October 16, 2025, bringing extensive experience in global capital markets and healthcare finance. Lei previously served as Deputy General Manager and Head of Capital Markets at Sino Biopharmaceutical Limited. The executive leadership team includes Sean Fu as CEO, Phillip Dennis as Chief Medical Officer, and Claire Xu as Senior Vice President of Clinical Development.
Hong Kong IPO and Dual Listing Plans
The proposed dual listing strategy aims to broaden and diversify the investor base while enhancing trading liquidity and access to capital. The timing, size, structure, and specific terms of the proposed Hong Kong offering remain subject to market conditions and regulatory approvals, including from the Hong Kong Stock Exchange and other applicable regulatory bodies.
The name change to NovaBridge Biosciences is subject to shareholder approval at an Extraordinary General Meeting scheduled for October 24, 2025. The company expects to maintain its existing NASDAQ listing while pursuing the Hong Kong listing, with final decisions dependent on market conditions and regulatory feedback.
