HONG KONG — In November 2014, a little less than six years ago, Chinese scientist Jingwu Zang set up his own drug company, Third Venture Biopharma. The former head of China R&D for GlaxoSmithKline wanted to develop innovative biologics that can treat various cancers and autoimmune diseases.
A domestic merger, a slew of in-licensing deals, and a Nasdaq listing later, the Shanghai-based biotech — now called I-Mab Biopharma — is hanging on to one of its self-discovered drug assets, a highly coveted anti-CD47 monoclonal antibody, as its ticket into a global race for the next class of promising cancer immunotherapies.
Trailing behind development of a CD47 drug from Forty Seven, which Gilead acquired earlier this year, I-Mab had been looking for months for a powerful ally to help even the odds. Forty Seven’s CD47 drug magrolimab has reached Phase 2 and I-Mab is hoping a global partner can help speed up its own program.