GIC joins consortium investing $570m in biotech firm I-Mab

The consortium was led by Hillhouse Capital Group.

Sovereign wealth fund GIC has joined a consortium of institutional investors to invest around $570.5m (US$418m) through a private in I-Mab, a China-headquartered clinic-stage biopharmaceutical company, according to a press release.

The consortium, led by Hillhouse Capital Group, also include Avidity Partners, OrbiMed, Octagon Capital Advisors, Invus, Lake Bleu Capital, Perceptive Advisors, Cormorant Asset Management, Sphera Healthcare and Alyeska Investment Group.

I-Mab reportedly plans to use the proceeds to fund its ongoing and planned research and clinical programmes, as well as to develop its commercialization capabilities in China.