HONG KONG – I-Mab Biopharma (Shanghai) Co. Ltd. out-licensed China rights to its long-acting glucagon-like peptide-1 (GLP-1) Fc protein, known as TG-103, to treat diabetes to CSPC Pharmaceutical Group Co. Ltd. for ¥150 million (US$21.7 million). As part of the deal, CSPC paid ¥15 million up front to I-Mab to obtain the exclusive license and will pay another ¥135 million based on the development progress of TG-103 in China as well as royalties.