After closing one of China's biggest-ever raises, I-Mab Biopharma nabs $104M Nasdaq IPO

China-based cancer and autoimmune disease biotech I-Mab Biopharma has raised $104 million on the U.S. Nasdaq composite. It hit $14 a share, the midpoint in the range, and becomes the first Chinese biotech in more than two years (the last being Zai Lab back in 2017) to gain a U.S. IPO. According to recent reports out of Bloomberg, however, it had been quietly hoping for a $200 million offering. The offering seems relatively tame after the monster raises it has gained over the years, including $220 million in a third-round fundraising back in 2018 following on from a $150 million series B round a year earlier. It’s raised more than $400 million in total.