On February 7, 2024 TJ Biopharma (the "Company") reported that in order to give full play to the advantages of the Company’s R&D system and biopharmaceutical production and enhance the market competitiveness of the Company’s overall innovative drug pipeline, I-Mab Biotech (Hangzhou) Co., Ltd. (the "Company") reported that it has reached an agreement with Nasdaq-listed I-Mab to integrate and reorganize all of I-Mab’s Chinese business, team and pipeline with the Company’s existing pipeline and assets (Press release, TJ Bio, FEB 7, 2024, View Source [SID1234653999]). At the same time, the Company also announced the completion of a C1 round of financing of more than RMB 500 million. This round of financing was jointly invested by Tailong Investment, Zhejiang Province’s "4+1" Biopharmaceutical and High-end Equipment Industry Fund, I-Mab, Hangzhou Qiantang Chengfa Technology Service Co., Ltd., Bruggemoon Limited, and Ningbo Kaitou Hanrun Capital. Haoyue Capital served as the exclusive financial advisor for this transaction.
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After the reorganization is completed, the company will achieve a leapfrog improvement in the R&D system, talent team and commercial production of innovative biological drugs. The integrated innovative drug pipeline includes 10 clinical stage projects (including two products including Etan long-acting growth hormone, which will soon submit applications for listing in China), and 7 innovative drug projects in the preclinical or clinical application stage. The company’s first phase biological drug production base in Qiantang New District, Hangzhou has been put into operation, providing clinical research and recent commercial drug supply. Its 70-acre second phase commercial production base has also completed completion acceptance, which will greatly enhance the company’s ability to provide clinical and commercial drug supply for internal pipelines and domestic and foreign strategic partners.
Dr. Jingwu Zang, founder and chairman of the company, said : "I-Mab has grown rapidly from a start-up to a Nasdaq-listed company, and has continued to evolve and develop amidst the dramatic changes and challenges in the market environment over the past few years. With this strategic reorganization, we will set sail again with China as our foundation to reshape the company’s future and strategic development space. We will leverage our core R&D competitiveness accumulated over the years and our advantages in global project transactions to accelerate the internationalization of early-stage innovative drug projects and realize the phased value of the projects. At the same time, the company will focus on Phase III innovative drug projects to achieve local product commercialization cooperation and sustainable revenue. We will stay true to our original aspiration and aspire to build a leading company in the field of tumor immunotherapy and autoimmune disease treatment in China and even the world, bringing hope and cure to patients."
Mr. Jin Yufeng, Chairman of Heda Financial, the Executive Representative of Zhejiang Province’s "4+1" Biopharmaceutical and High-end Device Industry Fund, said : "The Tianjing team has first-class innovative drug research and development, production and global commercial transaction capabilities in the field of immunology, and has a technology platform of tumor-targeted bispecific antibodies with independent and complete intellectual property rights and first-of-its-kind antibody-small molecule inhibitor fusion drugs. It has laid out mature and differentiated clinical pipelines in multiple tumor and autoimmune treatment fields. The total scale of Zhejiang Province’s "4+1" Biopharmaceutical and High-end Device Industry Fund is 5 billion. After its establishment in October 2023, during the cold winter of pharmaceutical investment, it accelerated investment and support for the pharmaceutical industry against the trend. This participation in the reorganization of Tianjing Hangzhou is an important investment layout of the fund in 2023. We are very optimistic about the capabilities of the Tianjing team and hope that Tianjing Hangzhou will become the leader of innovative drug research and development companies in Hangzhou, help the construction of Qiantang China Pharmaceutical Port, and contribute to the biopharmaceutical industry in Zhejiang Province and even China."
Mr. Ding Yameng, Founding Managing Partner and COO of Haoyue Capital, said : "Haoyue Capital is honored to serve as the exclusive financial advisor for Hangzhou Tianjing’s C1 round of financing and assist the company in completing this transaction. Although the capital market is in a periodic adjustment, truly outstanding companies and entrepreneurs will actively seek change and bravely meet challenges. Congratulations to Hangzhou Tianjing for successfully completing its C1 round of financing. We are firmly optimistic that Hangzhou Tianjing will grow into a leading Chinese biopharmaceutical company integrating R&D, production and product cooperative sales in the future."