I-Mab (IMAB) plans to become a global biotech platform focused on business development and translational clinical development under the new name NovaBridge Biosciences, with intentions for an initial public offering in Hong Kong as part of a dual listing with Nasdaq.

As part of its strategic pivot, I-Mab plans to acquire VIS-101, a bifunctional biologic for wet age-related macular degeneration and diabetic macular edema, via its new Visara subsidiary with Phase 3 readiness expected in 2026. Financial details weren't disclosed.

Additionally, Kyler Lei was appointed as chief financial officer, the company said Thursday in a statement.

The name change will take effect following expected approval at a shareholder meeting on Oct. 24, I-Mab said.

The company also reaffirmed previously announced givastomig investment plans as part of its new strategy.

I-Mab shares rose 1.7% in after-hours trading.