I-Mab Announces Positive Outcome in Arbitration Relating to Agreements with Tracon
I-Mab, a clinical-stage biopharmaceutical company committed to the discovery, development, and commercialization of novel biologics, has today announced the positive outcome of its arbitration with TRACON Pharmaceuticals relating to the collaboration agreement to co-develop I-Mab’s proprietary CD73 antibody, uliledlimab (TJD5), and the collaboration agreement to potentially co-develop I-Mab’s bi-specific antibodies.
The arbitration award concluded the multi-year long dispute between I-Mab and Tracon. The award determined that the TJD5 Agreement has been terminated for a pre-agreed termination fee of $9 million plus interest payable by I-Mab pursuant to the original TJD5 Agreement, and, therefore Tracon has no rights to share any future economics with I-Mab. The arbitration award completely denied Tracon’s groundless damages claim of over $200 million for any breach under the BsAb Agreement and awarded no damages to Tracon. The Tribunal also confirmed the termination of the BsAb Agreement. Based on the arbitration award, I-Mab will bear a portion of Tracon’s legal fees and costs, totaling approximately $13.5 million.
The resolution is crucial for I-Mab to preserve and further realize the value of uliledlimab and the bi-specific antibody portfolio through accelerating clinical development and on-going global partnership discussions.
“This is an important victory for I-Mab and its shareholders on multiple levels, both from a legal and business standpoint, as I-Mab successfully protected and preserved its shareholder’s value and I-Mab’s rights of its proprietary CD73 antibody, uliledlimab, and bi-specific antibody assets,” said Dr. Andrew Zhu, President and Acting CEO of I-Mab.
With these matters resolved, I-Mab is now in a position to accelerate the development and global partnership for uliledlimab and bi-specific antibody assets, which have the potential to create substantial value for the Company as soon as early 2024. This arbitration award is final and binding on the parties, and I-Mab intends to pursue confirmation of the award promptly.
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