I-Mab completes one of the biggest Chinese biotech fundraisers

I-Mab Biopharma, a Chinese biotech company focusing on innovative biologics in therapeutic areas of immuno-oncology and immuno-inflammation, has  completed a Series C financing for $220 million, representing one of the largest amounts ever raised in Series C by an innovative biotech company in China.

This round of funding was led by Hony Capital, with participations from Hillhouse Capital, HOPU Investments, CDH Investment, Ally Bridge Group, Singapore-based EDBI, and existing investors C-Bridge Capital and Tasly Capital. China Renaissance was designated as the sole financial advisor for this series of financing.

The proceeds of the financing will be used primarily to advance the pre-clinical and clinical development of a number of best-in-class and first-in-class assets, the company noted.