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First China Biotech IPO in Two Years Lands in U.S.

I-Mab Biopharma Co., a Chinese drug developer, has launched what is set to be the first U.S. initial public offering by a Chinese biotech company in more than two years.

I-Mab started taking orders on Monday for the IPO, which could raise as much as $111 million -- down from the $200 million people familiar with the matter said last year. If the deal goes through, it will be the first U.S. listing by a Chinese biotech company since Zai Lab Ltd.’s $173 million offering in 2017, according to figures compiled by Bloomberg. Since 2004, only five biotech firms from the mainland have completed IPOs in the U.S.