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- I-Mab Biopharma
I-Mab Biopharma Valuation, Funding & Investors
I-Mab Biopharma is valued at $880M as of June 2018.
Last I-Mab Biopharma valuation
$880M
Series C · Jun 2018
Last I-Mab Biopharma funding round
$418M
Strategic investment · Sep 2020
Cumulative funding I-Mab Biopharma raised
$815M
across 4 funding rounds
Key investors in I-Mab Biopharma
CBC Group
Tasly Pharmaceutical
Hillhouse Investment
GIC
CDH Investments
EDBI
About I-Mab Biopharma
I-Mab is a biopharmaceutical company founded in 2016 with operations in Shanghai and the United States. It discovers and develops biologic medicines, including antibodies and other therapies targeting cancer and immunological diseases. The company advances drug candidates through preclinical research, clinical trials, regulatory development and partnership programs. Its commercial model combines future product sales with licensing, collaboration payments and development milestones, although it was clinical-stage at GIC's investment. I-Mab was listed on Nasdaq at the time of the private placement but the financing represented negotiated primary capital for research and commercialization rather than ordinary secondary trading. I-Mab serves B2B and B2C customers through activities spanning Biopharmaceuticals. Its commercial model generates revenue through Licensing and Product sales, supported by sector expertise, operating execution and customer relationships.
Founded
2016
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Licensing
Valuation
$880M (Jun 2018)
Sectors
I-Mab Biopharma Valuation
I-Mab Biopharma is currently valued at $880M, based on its Series C in June 2018. Read the announcement ↗
The $220M round was led by Hony Capital, with participation from Tally Capital, CBC Group, HOPU Investment Management Company, Hillhouse Investment, Tasly Pharmaceutical and 4 other investors.
I-Mab Biopharma valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jun 2018 | Series C | $880M |
I-Mab Biopharma Funding History
I-Mab Biopharma has raised a total of $815M across 4 funding rounds.
I-Mab Biopharma's first fundraising round was a $150M Series B in March 2017. The most recent completed round was a $418M strategic investment round in September 2020.
I-Mab Biopharma funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2020 | Strategic investment | GIC | $418M | - | GIC joined a Hillhouse Capital-led consortium in a private placement of approximately USD 418 million into I-Mab announced on September 4, 2020. The consortium also included specialist healthcare and institutional investors such as OrbiMed, Avidity Partners, Perceptive Advisors and others named in the release. I-Mab received all proceeds and planned to fund global research and clinical programs as well as commercialization capabilities in China. GIC described the placement as a continuation of its support for I-Mab as the company progressed from a discovery-stage startup through listing toward a global biopharmaceutical platform. Although I-Mab was already publicly listed, the negotiated company-issued private placement qualifies as a strategic equity financing rather than routine market trading. No valuation, revenue or EBITDA metric was announced. |
| Jul 2019 | Series C | VMS Asset Management (lead) | $27M | - | - |
| Jun 2018 | Series C | Hony Capital (lead); Tally Capital; CBC Group; HOPU Investment Management Company; Hillhouse Investment; Tasly Pharmaceutical; EDBI; CTS Capital; Ally Bridge Group; CDH Investments | $220M | $880M | I-Mab Biopharma is a clinical-stage biopharmaceutical company focused on the discovery, development, and commercialization of novel biologics, particularly immunotherapy candidates targeting cancer and autoimmune diseases. The Shanghai-based company was formed in March 2017 through the merger of Third Venture Biotech and Tasgen Bio, combining their immuno-oncology and immuno-inflammation drug development capabilities. In June 2018, I-Mab closed a $220 million Series C funding round led by Hony Capital and including investors Hillhouse Capital, Hopu Investments, CDH Investment, Ally Bridge Group, C-Bridge Capital, and Singapore state-owned EDBI. The company had a pipeline of more than 10 drugs in development at the time and planned to use Series C proceeds to advance clinical development of its assets in China and internationally. Following the round, I-Mab prepared for an initial public offering, with leadership hires including a new CFO from Jefferies Group in July 2018 to lead financing activities. The company eventually went public on NASDAQ in December 2019 under ticker IMAB. |
| Mar 2017 | Series B | CBC Group (lead); Genexine; Tasly Pharmaceutical | $150M | - | I-Mab Biopharma, a China-based innovative biopharma company specializing in oncology and autoimmune diseases, was formed through a merger between Third Venture Biotech and Tasgen Bio, followed by a Series B financing of USD 150 million in March 2017. The round was led by C-Bridge Capital, with participation from investors including Genexine and Tasly Pharmaceutical, enabling the company to build a globally competitive pipeline leveraging strengths in target biology, antibody engineering, and pre-clinical and clinical development. At the time, I-Mab had more than ten investigational drugs under development and had established partnerships with leading biotech and pharma companies such as Genexine, Ferring Pharmaceuticals, and MorphoSys AG, as well as CROs like WuXi Biologics and TigerMed. The company focused on discovery and development of First-in-Class and Best-in-Class biologics in immuno-oncology and immuno-inflammation, with several IND applications submitted and plans for additional INDs to initiate clinical trials in China and the US, including Phase 2 and Phase 3 studies. The Series B funding supported rapid assembly of a world-class R&D capability and highly experienced team, positioning I-Mab on a fast track to become a fully integrated biopharma company. C-Bridge Capital highlighted I-Mab's progress in milestones and team building, expressing confidence in its mission to develop transformational medicines. This round preceded a Series C financing of USD 220 million in June 2018 led by Hony Capital with other top investors, further validating I-Mab's capabilities. |
Who has invested in I-Mab Biopharma?
13 investors have backed I-Mab Biopharma across its funding rounds, including CBC Group, Tasly Pharmaceutical, Hillhouse Investment, GIC, CDH Investments and EDBI.
Lead investors include VMS Asset Management, Hony Capital and CBC Group.
I-Mab Biopharma Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Mar 2017 | ||
| 2 | Participant | Mar 2017 | ||
| 1 | Participant | Jun 2018 | ||
| 1 | Participant | Sep 2020 | ||
| 1 | Participant | Jun 2018 | ||
| 1 | Participant | Jun 2018 | ||
| 1 | Lead | Jul 2019 | ||
| 1 | Participant | Mar 2017 | ||
| 1 | Participant | Jun 2018 | ||
| 1 | Participant | Jun 2018 | ||
| 1 | Lead | Jun 2018 | ||
This data is available for Pro users. Sign up to see all 13 I-Mab Biopharma investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by I-Mab Biopharma
I-Mab Biopharma has acquired 2 companies to date.
Last acquisition by I-Mab Biopharma was on July 17th 2025. I-Mab Biopharma acquired Bridge Health Biotech for $3M.
Latest Acquisitions by I-Mab Biopharma
| Description | - | Tianjing Biotechnology (Shanghai) Co. is a Shanghai-headquartered biopharmaceutical firm developing therapeutics for tumor immunity and autoimmune diseases. It advances pipeline candidates targeting immune checkpoints and inflammatory pathways through preclinical and clinical research. |
| HQ Country | ||
| HQ City | - | Shanghai |
| Deal Date | 17 Jul 2025 | 23 Mar 2017 |
| Valuation | $3M | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all I-Mab Biopharma acquisitions and their M&A valuation multiples. Start Free Trial | ||
I-Mab Biopharma Competitors
I-Mab Biopharma competitors include listed companies like Aktis Oncology, Daewoong Pharmaceutical, Pharming and Corvus Pharmaceuticals, and private ones like CellCentric and Curegene.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $6M | ($72M) | $880M | 26.6x | ||
| Publicly listed | $1.2B | $187M | $878M | 1.3x | ||
| Publicly listed | $376M | $34M | $874M | 2.1x | ||
| Publicly listed | - | ($18M) | $889M | - | ||
| Private | - | - | $900M | - | ||
| Private | - | - | $900M | - |
I-Mab Biopharma Public Comps
I-Mab Biopharma is still privately-owned, but its public comps include Aktis Oncology, Daewoong Pharmaceutical, Pharming, Corvus Pharmaceuticals, Zhejiang Ausun, Aarti Pharmalabs, Kaken Pharmaceutical, MeiraGTx, GNI Group and Syndax.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $6M | ($72M) | 57.5x | 26.6x | (5.2x) | - | |||
| $1.2B | $187M | 1.3x | 1.3x | 8.2x | 8.1x | |||
| $376M | $34M | 2.1x | 2.1x | 23.9x | 31.5x | |||
| - | ($18M) | - | - | (38.8x) | (16.0x) | |||
| $119M | $29M | 6.7x | 6.2x | 27.1x | 14.5x | |||
| $190M | $41M | 5.2x | - | 24.3x | - | |||
| $486M | $34M | 1.2x | 1.2x | 17.5x | 11.1x | |||
| $81M | ($91M) | 10.2x | 2.8x | (9.1x) | - | |||
This data is available for Pro users. Sign up to see all I-Mab Biopharma competitors and their valuation data. Start Free Trial | ||||||||
Common questions about I-Mab Biopharma
| When was I-Mab Biopharma founded? | I-Mab Biopharma was founded in 2016. |
| Where is I-Mab Biopharma headquartered? | I-Mab Biopharma is headquartered in Shanghai, China. |
| Is I-Mab Biopharma publicly listed? | No, I-Mab Biopharma is a private, VC-backed company. |
| What is I-Mab Biopharma's valuation? | I-Mab Biopharma was last valued at $880M in its Series C in June 2018. |
| How much funding has I-Mab Biopharma raised? | I-Mab Biopharma has raised $815M across 4 funding rounds. |
| What was I-Mab Biopharma's last funding round? | I-Mab Biopharma's last funding round was a $418M strategic investment round in September 2020. |
| Who are I-Mab Biopharma's investors? | I-Mab Biopharma's investors include CBC Group, Tasly Pharmaceutical, Tally Capital, GIC, HOPU Investment Management Company, Hillhouse Investment, VMS Asset Management, Genexine, EDBI, CTS Capital and 3 others. |
| Which companies are comparable to I-Mab Biopharma? | Companies comparable to I-Mab Biopharma include Aktis Oncology, Daewoong Pharmaceutical, Pharming, Corvus Pharmaceuticals, CellCentric and Curegene. |
| How many companies has I-Mab Biopharma acquired? | I-Mab Biopharma has acquired 2 companies, including Bridge Health Biotech and Tianjing Biotechnology (Shanghai) Co. |
| What was the largest acquisition by I-Mab Biopharma? | The $3M acquisition of Bridge Health Biotech in July 2025 is the largest acquisition I-Mab Biopharma has made to date. |
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