Singapore’s sovereign wealth fund, GIC, has joined a consortium of investors to invest US$418 million ($570.2 million), in clinical stage biopharmaceutical company I-MAB.

The consortium, which is led by Hillhouse Capital Group, includes Avidity Partners, OrbiMed, Octagon Capital Advisors, Invus, Lake Bleu Capital, Perceptive Advisors, Cormorant Asset Management, Sphera Healthcare and Alyeska Investment Group, L.P.

According to GIC, I-MAB will receive all proceeds from the private placement and intends to utilize them to fund its ongoing and planned research and clinical programmes. The proceeds will also go to developing its commercialisation capabilities in China.

“Our recent investment represents the strengthening of our partnership with I-MAB. As a long-term investor, we have been supporting the growth of the company from a discovery-focused start-up, through its IPO, and towards becoming a global biopharma. We are confident that the company’s management will continue to maintain a focus on innovation,” says Choo Yong Cheen, chief investment officer of private equity at GIC.