I-mab Biopharma (Hangzhou) Co., Ltd. agreed to acquire I-Mab Biopharma (Shanghai) Co., Ltd. from I-Mab (NasdaqGM:IMAB) for $80 million on February 6, 2024. The consideration consists of $80 million in cash. As part of the consideration, $80 million was paid towards common equity on cash free and debt free basis. The Special Committee to the Board of Directors (the ?Board?) of the Company, consisting of Mr. Conor Chia-hung Yang,Dr. Ruyi He, and Mr. Shuai Chen, each of whom is an independent and disinterested director of the Board, led the evaluation and negotiation of the transaction on behalf of the I-Mab (NasdaqGM:IMAB). Kroll, LLC served as an independent financial advisor to the special committee and issued a fairness opinion. The Board, acting upon the unanimous recommendation of the special committee, resolved that the proposed transaction is in the best interest of I-Mab (NasdaqGM:IMAB) and is fair from a financial point of view to the I-Mab (NasdaqGM:IMAB) and approved the transaction. The transaction is subject to closing conditions and is expected to close by the end of March 2024. Pamela Klein, M.D., has accepted the appointment as the Interim Chairperson of the I-mab, as Jingwu Zang, M.D., Ph.D., steps down from the Board, effective February 10, 2024, to lead the I-mab Biopharma (Hangzhou) Co., Ltd.. Andrew Zhu, M.D., Ph.D., will step down from the Board and resign from his executive position with the I-Mab, effective February 10, 2024. Furthermore, Mr. Joseph Skelton has been appointed by the Board to serve as the I-Mab's Chief Financial Officer, effective February 5, 2024, succeeding Mr. Richard Yeh, who resigned from the Board and his executive positions with the I-Mab.

I-mab Biopharma (Hangzhou) Co., Ltd. completed the acquisition of I-Mab Biopharma (Shanghai) Co., Ltd. from I-Mab (NasdaqGM:IMAB) on April 2, 2024.