- 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

Everest Medicines (HKEX 1952.HK, "Everest", or the "Company"), a biopharmaceutical company focused on the discovery, clinical development, manufacturing, and commercialization of innovative therapeutics, 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."

Financial Terms and Corporate Updates:

I-Mab today announced an underwritten offering of 33,333,334 American Depositary Shares (the "ADSs") representing 76,666,668 ordinary shares at an offering price of $1.95 per ADS, for total gross proceeds of approximately US$65 million. Under the arrangement of this offering, Everest will subscribe for 15,846,154 ADSs (the "Subscription"), with an aggregate consideration of US$30.9 million. Upon completion of the Subscription, the Company shall hold an aggregate of 15,846,154 ADSs and 6,078,571 ordinary shares, representing approximately 16.1% of the total issued share capital of I-Mab, inclusive of 6,078,571 ordinary shares already held by Everest.

As all of the applicable percentage ratios of the Subscription are less than 5%, the Subscription is not subject to the announcement or shareholders' approval requirements under Chapter 14 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

The investment in I-Mab shares is expected to be booked as "investments" under non-current assets on Everest's balance sheet. Changes from "mark-to-market" are expected to be reflected in fair value through other comprehensive income in the statement of changes in equity and the investment has no impact on the Company's P/L statement and will not appear as an operating expense.

I-Mab is a U.S.-based, global biotech company, focused on the development of precision immuno-oncology agents for the treatment of cancer. There are three pipeline products of I-Mab in clinical stage, Givastomig (Claudin 18.2 x 4-1BB bispecific antibody), Ragistomig (PD-L1 x 4-1BB bispecific antibody) and Uliledlimab (CD73 antibody).