04:41 PM EDT, 04/02/2024 (MT Newswires) -- I-Mab ( IMAB ) said late Tuesday it closed 100% divestiture of its China business, I-Mab Biopharma, to I-Mab Biopharma (Hangzhou) for an equivalent of up to $80 million.

The deal is, however, contingent on the I-Mab Biopharma (Hangzhou)'s achievement of regulatory and sales-based milestones.

At the same time, I-Mab ( IMAB ) unit I-Mab Biopharma Hong Kong transferred its stake in the Hangzhou company to some of the latter's participating shareholders to satisfy obligations of about $183 million, the company said.

Potential repurchase obligations I-Mab Hong Kong and I-Mab ( IMAB ) owe to Hangzhou company's non-participating shareholders is expected between $30 million and $35 million.

Also, I-Mab ( IMAB ) participated in the series C fundraising of the Hangzhou company for a stake subscription of $19 million in cash.