I-Mab is pivoting to a new operating model and identity, unveiling plans to rebrand as NovaBridge Biosciences, pursue a dual listing on Nasdaq and the Hong Kong Stock Exchange, and spin up a hub-and-spoke portfolio anchored by a newly formed ophthalmology subsidiary, Visara. The first spoke will acquire VIS-101, a bifunctional VEGF-A/Ang2 inhibitor currently in phase 2 for retinal diseases, with approximately $37 million of initial capitalization and global rights consolidation. The company is reaffirming investment in its lead oncology asset, the CLDN18.2 x 4-1BB bispecific givastomig, and adding Hong Kong capital markets expertise with a new chief financial officer.
The strategic intent is clear: move from a single-asset developer to a cross-border platform that sources assets from Asia-Pacific, de-risks them with translational execution, and monetizes via partnering or registrational development. The question is whether a hybrid BD-plus-development engine can capture value faster than traditional biotech in a market still rationing capital. If it works, NovaBridge becomes a conduit between APAC innovation and global commercialization, with asset-centric subsidiaries isolating risk and creating optionality.
Ophthalmology is the near-term proving ground. VIS-101 targets the same VEGF-A/Ang2 biology that vaulted faricimab into the standard-of-care discussion alongside high-dose aflibercept. To matter, VIS-101 will need to demonstrate a clear durability or efficacy edge that translates into fewer injections and clinic visits for patients, and into tangible cost offsets for payers. Retina specialists will scrutinize head-to-head data, drying rates, and real-world durability, while manufacturers face scale and supply demands typical of retinal biologics. Visara’s plan to leverage faster, lower-cost enrollment in Asia, coupled with global endpoints, mirrors a broader trend: APAC-originated ophthalmology programs rushing toward phase 3 with global regulatory ambitions. A potential Greater China out-license to Everest Medicines underscores a regional-to-global development thesis. However, payer acceptance in the US and EU will still hinge on comparative effectiveness against entrenched competitors.
In oncology, givastomig advances into a global randomized phase 2 in 2026 in a crowded CLDN18.2 field. Differentiation will depend on the clinical implications of conditional 4-1BB co-stimulation, diagnostic alignment on CLDN18.2 testing thresholds, and safety in combination regimens. Companion assets—ragistomig and the anti-CD73 antibody uliledlimab—extend the immuno-oncology narrative but will face the same evidence bar: biomarker-defined positioning, combination value, and health-economic clarity for payers wary of additive cost without additive benefit. The co-development model with ABL Bio exemplifies risk-sharing partnerships that have become a lifeline for mid-cap biotechs.
The capital markets architecture is as central as the pipeline. With APAC generating a growing share of global assets and deal value, dual listing aims to broaden the investor base, increase liquidity, and fund asset-centric subsidiaries without dilutive dependence on a single market. The trade-off is execution complexity across regulatory regimes and the need to ensure APAC-generated data meet FDA and EMA expectations, particularly for ophthalmology, where endpoints and treatment intervals drive reimbursement decisions.
The following 12–18 months will test whether NovaBridge can turn a cross-border, hub-and-spoke model into a clinical and commercial advantage. If VIS-101 can credibly out-differentiate faricimab or high-dose aflibercept on durability, and if givastomig’s phase 2 design sets up a clear path to value in CLDN18.2-positive tumors, the platform thesis strengthens. The industry watchpoint is simple: can APAC-to-global translational speed and capital efficiency convert into payer-validated superiority, or will these assets be fast followers in markets that increasingly demand head-to-head proof?
Jon Napitupulu is Director of Media Relations at The Clinical Trial Vanguard. Jon, a computer data scientist, focuses on the latest clinical trial industry news and trends.
