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.

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