Lemzoparlimab was discovered and developed by I-Mab for the treatment of multiple cancers. It is designed to minimize inherent binding to normal red blood cells while preserving strong anti-tumor activity. Phase I clinical results suggest that the drug is safe and well-tolerated.

The collaboration provides AbbVie with an exclusive global license, excluding China, to develop and commercialize lemzoparlimab. Both companies will collaborate to design and conduct further global clinical trials to evaluate the product in multiple cancers.

I-Mab will retain all rights to develop and commercialize the product in mainland China, Macau, and Hong Kong. The partnership allows for the potential to collaborate on future CD47-related therapies. The companies will share manufacturing responsibilities with AbbVie being the primary manufacturer for global supply.

Under the terms of the agreement, AbbVie will pay I-Mab $180 million in an upfront payment along with $20 million in a milestone payment based on phase I results, for a total of $200 million. I-Mab will also be eligible to receive up to $1.74 billion in success-based milestone payments. Upon commercialization, AbbVie will also pay tiered royalties on global net sales outside of greater China.

In other news, I-Mab announced that the company raised approximately $418 million through a private placement led by Hillhouse Capital Group. The company intends to use the funds to pay for ongoing and planned research and clinical programs globally as well as the development of commercialization capabilities in China.