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Everest Medicines Announced Its Global Offering and Proposed Listing on the Stock Exchange of Hong Kong

September 25, 2020

Hong Kong, China, September 25, 2020 – Everest Medicines Limited ("Everest Medicines" or the"Company"; Stock Code: 1952.HK), a biopharmaceutical company focused on developing and commercializing transformative pharmaceutical products that address critical unmet medical needs for patients in Greater China and other parts of Asia, today announced the details of its global offering (the "Global Offering") and its proposed listing on the Main Board of the Stock Exchange of Hong Kong Limited (the "Stock Exchange"). 

The Number of Offer Shares under the Global Offering is a total of 63,547,000 Shares (subject to the Over-allotment Option). The Company is initially offering 6,355,000 Shares (subject to reallocation) for subscription by the public in Hong Kong at the Offer Price, representing approximately 10% of the total number of Shares initially available under the Global Offering. The International Offering will consist of an initial offering of 57,192,000 Offer Shares (subject to reallocation and the Over-allotment Option), representing approximately 90% of the total number of Offer Shares initially available under the Global Offering. The indicative Offer Price range is from HK$50.00 to HK$55.00. Shares of the Company will be traded in board lots of 500 Shares each. Maximum Offer Price is HK$55.00 per offer share plus brokerage fee of 1%, SFC transaction levy of 0.0027% and Stock Exchange trading fee of 0.005% (payable in full on application in Hong Kong dollars and subject to refund). 

The Hong Kong Public Offering will commence at 9:00 a.m. on Friday, September 25, 2020 and is expected to close at 12:00 noon (at 11:30 a.m. for White Form eIPO applications) on Wednesday, September 30, 2020. Dealings in the Shares on the Stock Exchange are expected to commence at 9:00 a.m. on Friday, October 9, 2020. Shares of the Company will be traded in board lots of 500 Shares each and the stock code will be 1952.HK. 

In connection with the Global Offering, the Company is expected to grant to the International Underwriters the Over-allotment Option, exercisable by the Joint Representatives (for themselves and on behalf of the Underwriters) at any time and from the Listing Date to the 30th day after the last day for lodging applications under the Hong Kong Public Offering, to require us to issue up to 9,532,000 additional Offer Shares, representing approximately 15% of the total number of Offer Shares initially available under the Global Offering, at the Offer Price under the International Offering, to cover over-allocations in the International Offering, if any. 

Assuming that the Over-allotment Option is not exercised, and assuming an Offer Price of HK$52.50 per Share, being the mid-point of the indicative range of the Offer Price, the net proceeds from the Global Offering to be received by the Company, after deducting underwriting commissions and other estimated expenses payable by the Company in connection with the Global Offering, are estimated to be approximately HK$3,132.4 million. 

The Company intends to apply the net proceeds from the Global Offering to develop and commercialize its four anchor products, to fund ongoing and planned clinical trials, preparation for registration filings and potential commercialization of other drug candidates in the Company’s pipeline, to fund the Company's business development activities and the expansion of its drug pipeline, and for working capital and general and administrative purposes. 

Goldman Sachs (Asia) L.L.C. and Merrill Lynch Far East Limited are the Joint Sponsors. Goldman Sachs (Asia) L.L.C., Merrill Lynch (Asia Pacific) Limited, Citigroup Global Markets Asia Limited, China International Capital Corporation Limited and Credit Suisse (Hong Kong) Limited are the Joint Global Coordinators, Joint Bookrunners and Joint Lead Managers. Citigroup Global Markets Limited (in relation to International Offering), Nomura International (Hong Kong) Limited and Brocade River Asset Management Limited are the Joint Bookrunners and Joint Lead Managers.

The Cornerstone Investors: RA Capital, CBC, Janchor Partners, GIC, BlackRock Funds, Cormorant, Hillhouse Capital, Invus, Lake Bleu Prime, OrbiMed Funds, Rock Springs Capital, Indus, Octagon Investments, Surveyor, Tybourne and Woodline Fund. 

Fully Electronic Application Process for the Hong Kong Public Offering

The Company has decided to adopt a fully electronic application process for the Hong Kong Public Offering, with no printed copies of prospectuses or application forms. A fully electronic application process is consistent with the way in which the Company's users and stakeholders engage and interact with each other and the Company. As a company which has been highly committed to environmental, social and corporate responsibility matters since its founding, the Company believes such method will also help mitigate the environmental impact of printing and minimize the exploitation of natural resources, among others. The prospectus is available at the website of Hong Kong Stock Exchange at www.hkexnews.hk and the Company's website at https://www.everestmedicines.com/.

The Company encourages applicants for the Hong Kong Public Offering to view its prospectus and apply online through the White Form eIPO service at www.eipo.com.hk, or through the CCASS EIPO service (directly or through their brokers or custodians). The Hong Kong Public Offering will commence at 9:00 a.m. on Friday, September 25, 2020 Hong Kong time and will close at 12:00 noon on Wednesday, September 30, 2020 Hong Kong time. 

Potential applicants may call the enquiry hotline of Computershare Hong Kong Investor Services Limited if they have any question about making applications in the Hong Kong Public Offering. The hotline number is +852 2862 8600 and will be open from (i) 9:00 a.m. to 9:00 p.m. on Friday, September 25, 2020, Monday, September 28, 2020 and Tuesday, September 29, 2020, (ii) from 9:00 a.m. to 6:00 p.m. on Saturday, 26 September 2020 and Sunday, 27 September 2020, and (iii) from 9:00 a.m. to 12:00 noon on Wednesday, September 30, 2020 Hong Kong time.

About Everest Medicines Limited

Everest Medicines Limited is a biopharmaceutical company that integrates licensing, clinical development and commercialization of potentially novel or differentiated therapies to address critical unmet medical needs in Greater China and other emerging Asia Pacific markets.

The Company was founded by CBC Group, a healthcare private equity firm with a diverse portfolio of investee companies in pharmaceuticals, biotech, medical technology and healthcare services, in July 2017. Since the founding of the Company, it has created a scalable platform, assembled an experienced and visionary management team, and built a portfolio of eight promising clinical-stage drug candidates across oncology, immunology, cardio-renal disease, and infectious disease. The Company has targeted these four therapeutic areas because of significant unmet medical needs, the substantial number of patients in each area, and the availability of innovative products globally.  

For further information, please contact:

Investor Relations
Yin Yin
Email: IR@everestmedicines.com  

Wonderful Sky Financial Group Limited
Eva Guo
Tel: (852) 3970 2133
Email: evaguojh@wsfg.hk  

Anita Tan
Tel: (852) 3970 2132
Email: AnitaTanYX@wsfg.hk

Important: 

1. This press release is for information purposes only and does not constitute or include any recommendation or invitation or offer for acquisition, purchase or subscription of the securities of Everest Medicines Limited nor does it intend to act as a recommendation of the sale of securities or any invitation or offer for acquisition, purchase or subscription of securities. Investors should read the prospectus of the Company for detailed information about the Company and the proposed offering before deciding whether or not to purchase any securities of the Company. An application to subscribe for the shares referred to in this press release by any persons shall be made solely based on the prospectus and the application forms to be issued by the Company on September 25, 2020.  

2. No application for the shares of the Company should be made by any person nor would such application be accepted without the completion of a formal application form or other application procedure that is issued with or in respect of the shares of the Company.

3.  This press release is NOT for release, publication, distribution, directly or indirectly, in or into the United States (including its territories and possessions, any state of the United States and the District of Columbia) or any other jurisdiction where such distribution is prohibited by law. This press release does not constitute and is not an offer to sell or an invitation or solicitation of an offer to buy or subscribe for, any securities of Everest Medicines Limited (the "Company") in Hong Kong, in the United States or elsewhere. The securities referred to herein have not been and will not be registered under the Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws of the United States and may not be offered and sold in the United States absent registration under the Securities Act or except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act. There will be no and is not currently intended to be any public offering of securities of the Company in the United States. The Offer Shares are being offered and sold outside the United States as offshore transactions in accordance with Regulation S under the U.S. Securities Act.  

4. The price of the Shares of the Company may be stabilized in accordance with the Securities and Futures (Price Stabilization) Rules. The details of the intended stabilization and how it will be regulated under the Securities and Futures Ordinance (Chapter 571 of the laws of Hong Kong) will be contained in the prospectus of the Company dated September 25, 2020.

5. You are cautioned not to place undue reliance on the forward-looking statements (if any) contained herein. We can give no assurance that these forward-looking statements will prove to have been correct. Expectations reflected in these forward-looking statements are subject to change and we undertake no obligation to update or revise any forward-looking statements herein.


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