HONG KONG – I-Mab Biopharma has entered a $548 million licensing agreement with Genexine Inc. for an immuno-oncology drug candidate. Shanghai-based I-Mab will receive exclusive development and commercialization rights to Genexine's Hyleukin in Mainland China, Taiwan, Hong Kong and Macau. Genexine, of Seoul, South Korea, will receive an up-front payment of $12 million and the rest through royalties based on net sales of Hyleukin, plus milestone payments from I-Mab.