listen to this articleI-Mab, a Rockville-based global biotechnology company focused on the development and commercialization potential of immunotherapies for the treatment of cancer, announced Wednesday, previously announced that all conditions precedent to the announced sale transaction have been satisfied or waived.
The Company transferred 100% of the outstanding equity interests of I-Mab Biopharma Co., Ltd. to I-Mab Biopharma Co. Ltd. on a cash-free and debt-free basis for aggregate consideration equal to RMB. Up to $80 million, subject to Hangzhou Company Group achieving certain future regulatory and sales-based milestone events.
Simultaneously with the aforementioned equity transfer, I-Mab Biopharma Hong Kong Limited, a wholly owned subsidiary of I-Mab, will transfer the equity it held in the Hangzhou Company to a portion of the Hangzhou Company in exchange for the extinguishment of certain repurchase obligations it has. transferred to participating shareholders. Approximately $183 million will be paid by I-Mab Hong Kong to these shareholders.
As a result of the completion of the transaction, I-Mab Hong Kong's repurchase obligation to the participating shareholders has been extinguished. The total amount of repurchase obligations that I-Mab Hong Kong and the Company may have to non-participating shareholders of the Hangzhou Company is expected to be in the range of $30 million to $35 million.
Meanwhile, the company participated in Hangzhou Company's Series C financing and received $19 million in cash and stock subscriptions.
