I-Mab Rebrands as NovaBridge Biosciences, Unveils New Global Strategy and Hong Kong IPO Plans

I-Mab Biopharma, a U.S.-listed biopharmaceutical company, has announced a comprehensive overhaul of its business strategy, including a name change to NovaBridge Biosciences, plans for a Hong Kong IPO, and the launch of a new subsidiary focused on ophthalmology. These developments mark a significant shift in the company's trajectory, less than two years after it had initially planned to divest its China operations and focus on the U.S. market.

Strategic Pivot and Dual Listing

The company's new strategy centers on positioning itself as a "global biotech platform" with a hub-and-spoke model. This approach involves creating specialized subsidiary companies, each focused on specific assets or therapeutic areas. As part of this restructuring, I-Mab is pursuing a dual listing by initiating an IPO on the Hong Kong Stock Exchange while maintaining its Nasdaq listing.

Fu Wei, I-Mab's executive chairman, explained the rationale behind this move: "We believe we are entering a new era of rapid growth in the global biotech economy, driven by greater innovation capability in China and Asia and a resurgence of investment in high growth international markets across Asia." The dual listing is expected to broaden the company's investor base, enhance trading liquidity, and strengthen its presence in the rapidly growing Asian market.

Launch of Visara: A New Ophthalmology-Focused Subsidiary

In line with its hub-and-spoke model, I-Mab has unveiled Visara, a new subsidiary dedicated to developing therapeutics for serious eye disorders. Visara is launching with $37 million in funding from I-Mab and will be led by Dr. Emmett Cunningham Jr., an experienced ophthalmologist and biotech entrepreneur.

Visara's first asset, to be named VIS-101 (currently known as AM712 and ASKG712), is a bispecific VEGF-A/ANG2 inhibitor targeted at treating wet age-related macular degeneration, diabetic macular edema, and retinal vein occlusion. The asset, pending acquisition from AffaMed Therapeutics, is expected to be ready for phase 3 trials next year following the completion of an ongoing phase 2 study in China.

Pipeline Prioritization and Future Outlook

As part of its strategic realignment, I-Mab is focusing on two lead candidates: givastomig and the newly acquired VIS-101. The company has paused work on uliledlimab, its Sanofi-partnered anti-CD73 antibody, to concentrate resources on givastomig, a CLDN18.2x4-1BB bispecific antibody being developed for gastric cancer and other Claudin 18.2-positive gastrointestinal malignancies.

With these changes, I-Mab—soon to be NovaBridge Biosciences—aims to capitalize on the growth potential of biopharma innovations in the Asia-Pacific region while maintaining a global presence. The company's transformation reflects the dynamic nature of the global biotech landscape and the increasing importance of Asian markets in driving innovation and investment in the pharmaceutical industry.