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Everest Medicines Announces the Offer Price and Allotment Results of the Global Offering

October 08, 2020

Hong Kong, China, October 8, 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 announces the allotment results of the global offering (the "Global Offering"). The Offer Price has been determined at HK$55.00 per Offer Share. 

The Hong Kong Public Offer Shares initially offered under the Hong Kong Public Offering have been very significantly over-subscribed. A total of 308,757 valid applications have been received pursuant to the Hong Kong Public Offering through the White Form eIPO service and through the CCASS EIPO service for a total of 4,158,771,500 Hong Kong Public Offer Shares, representing approximately 654.41 times of the total number of 6,355,000 Hong Kong Public Offer Shares initially available for subscription under the Hong Kong Public Offering.

As the over-subscription in the Hong Kong Public Offering represents more than 100 times of the total number of Offer Shares initially available under the Hong Kong Public Offering, the reallocation procedure as disclosed in the section headed “Structure of the Global Offering - The Hong Kong Public Offering - Reallocation” in the Prospectus has been applied and 25,419,000 Offer Shares have been reallocated from the International Offering to the Hong Kong Public Offering. The final number of Offer Shares under the Hong Kong Public Offering is 31,774,000 Offer Shares, representing approximately 50% of the total number of Offer Shares initially available under the Global Offering (before any exercise of the Over-allotment Option). 

The Offer Shares initially offered under the International Offering have been over-subscribed, representing approximately 27.0 times of the total number of Offer Shares initially available under the International Offering. After reallocation of the Offer Shares to the Hong Kong Public Offering from the International Offering, the final number of Offer Shares under the International Offering is 31,773,000 Shares, representing approximately 50% of the total number of Offer Shares initially available under the Global Offering (before any exercise of the Over-allotment Option). There has been an over-allocation of 9,532,000 Offer Shares and there are a total of 213 placees under the International Offering. 

Based on the Offer Price of HK$55.00 per Offer Share, the net proceeds from the Global Offering to be received by the Company, after deduction of underwriting fees and commissions and estimated expenses payable by the Company in connection with the Global Offering, are estimated to be approximately HK$3,284.1 million (assuming the Over-allotment Option is not exercised). 

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. 

Dealings in the Shares on the Main Board of the Stock Exchange are expected to commence at 9:00 a.m. on Friday, October 9, 2020. The Shares will be traded in board lots of 500 Shares each, the stock code of the Shares is 1952.HK. 

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.  

About Everest Medicines Limited

Everest Medicines Limited is a biopharmaceutical company focused on developing and commercializing transformative pharmaceutical products that address critical unmet medical needs for patients in Greater China and other Asian markets. The management team of Everest Medicines has deep expertise and an extensive track record of high-quality clinical development, regulatory affairs, CMC, business development and operations both in China and with leading global pharmaceutical companies. Everest Medicines has built a portfolio of eight potentially global first-in-class or best-in-class molecules, many of which are in late stage clinical development. The Company’s therapeutic areas of interest include oncology, autoimmune disorders, cardio-renal diseases and infectious diseases. 

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.  

2.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.    

3.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.  

4.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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