I-Mab Biopharma (I-Mab), a China-based clinical-stage biopharmaceutical company focused on the development of innovative biologics in immuno-oncology and autoimmune diseases and CSPC Pharmaceutical Group Co., Ltd. (CSPC),a leading pharmaceutical group in China, jointly announced a strategic partnership between the two companies.

Under the partnership, I-Mab's will grant an exclusive license to CSPC to develop I-Mab's long-acting GLP-1 Fc program (TG103) in China.

Under the terms of the agreement, CSPC will pay a down payment 15 million RMB in order to be granted an exclusive license to conduct the clinical development and commercialization of TG103 in China. In addition, CSPC will pay I- Mab 135 million RMB based on further milestone payments as part of the royalties, contribute to the development costs and pay a percentage of sales. CSPC will have the exclusive rights to fund and execute.

TG103 is an innovative, long-acting recombinant glucagon-like peptide-1 (GLP-1) for which I-Mab has achieved IND approval as a Fc-fusion with extended half-life. TG103 enables once-weekly or bi-weekly subcutaneous administration, which can significantly improve convenience and as a result to improve patient treatment compliance. In preclinical studies, and the on-going Phase I trial conducted in Germany, TG103 demonstrated a good safety profile, providing opportunity for drug combination.