Chinese Drug Developer I-Mab Biopharma Files for U.S. IPO

I-Mab Biopharma Co., a Chinese drug developer, has filed confidentially for a U.S. initial public offering as the company works on a private fundraising, according to people with knowledge of the matter. The firm is working with financial advisers on the U.S. share sale that could raise about $200 million, said the people, asking not to be identified because the information is private. The company is poised to raise about $30 million to $40 million in its latest funding round, valuing the business at $800 million, one of the people said. WuXi Biologics (Cayman) Inc. and the investment company of Hong Kong’s billionaire Cheng family are among the investors in the private funding round, the people said. Representatives for I-Mab and WuXi Biologics declined to comment, while a representative for Chengs’ family office can’t immediately comment.