Core Viewpoint - Everest Medicines has made a strategic equity investment of US$30.9 million in I-Mab, acquiring a 16.1% ownership stake, which aligns with its focus on next-generation oncology programs and enhances its presence in the U.S. market [1][4]. Investment Details - The investment will be made through the subscription of 15,846,154 American Depositary Shares (ADSs) at an offering price of $1.95 per ADS, contributing to total gross proceeds of approximately US$65 million for I-Mab [5]. - Following the investment, Everest will hold a total of 15,846,154 ADSs and 6,078,571 ordinary shares of I-Mab, representing approximately 16.1% of I-Mab's total issued share capital [5]. Clinical Development Synergies - I-Mab's bispecific antibody pipeline, particularly the 4-1BB receptor targeting platform, is complementary to Everest's existing mRNA cancer vaccines and in vivo CAR-T platform, potentially accelerating the development of pipeline products for both companies [2][3]. - The collaboration may leverage I-Mab's clinical translational capabilities in the U.S. and Everest's clinical capabilities in Asia, enhancing the global expansion of their respective product pipelines [3][4]. Product Pipeline - I-Mab's key pipeline products include Givastomig (Claudin 18.2 x 4-1BB bispecific antibody), which has shown an overall response rate (ORR) of 83% in a Phase 1b trial for first-line gastric cancers [1][9][13]. - Other notable candidates in I-Mab's pipeline include Ragistomig (PD-L1 x 4-1BB bispecific antibody) and Uliledlimab (CD73 antibody), indicating a strong focus on precision immuno-oncology agents [8][13]. Company Background - Everest Medicines is a biopharmaceutical company dedicated to discovering, developing, and commercializing innovative therapeutics, particularly in oncology, renal diseases, infectious diseases, and autoimmune disorders [11]. - I-Mab is a U.S.-based global biotech company focused on precision immuno-oncology, with a differentiated pipeline aimed at treating various cancers [8][13].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因依賴該 等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：1952） Everest Medicines Limited 雲 頂 新 耀 有 限 公 司 自願性公告 本公告由雲頂新耀有限公司（「本公司」）自願作出。 本 公 司 董 事（「 董 事 」）會（「 董 事 會 」）宣 佈 ， 於 2025 年 8 月 1 日 ， 本 公 司 認 購 I -Mab （「 I -M a b 」）（ 一 間 於 納 斯 達 克 全 球 市 場 上 市 之 公 司 ， 股 份 代 號 為「 IM AB 」）之 15,846,154股美國預託股份（「ADS」）（ 每十(10)股ADS相當於二十三(23)股普通股 ） （「認購事項」），每股ADS為1.95美元（ 相當於約每股ADS 15.3港元 ）。認購事項之 總代價為30.9百萬美元（ 相當於約242.6百萬港元 ）。認購事項完成後，本公司將合 共持有15,846,154股ADS ...

Group 1: CD73 and Cancer Immunotherapy - CD73 is a promising target for cancer immunotherapy, acting as a rate-limiting enzyme in the production of extracellular adenosine, which has immunosuppressive effects in various diseases [1] - CD73 is overexpressed in the tumor microenvironment (TME) of several cancer types, including breast cancer, melanoma, and lung cancer, and plays a significant role in immune regulation [1] - Several products targeting CD73 are in clinical research, with leading small molecule inhibitors being Arcus's AB680 and Deqi's ATG-037, while monoclonal antibodies like AstraZeneca's Oleclumab and Tianjing's Uliledlimab have entered Phase 3 trials [1] Group 2: Pharmaceutical Sector Performance - The pharmaceutical sector rose by 1.13%, outperforming the CSI 300 index by 0.25 percentage points, with innovative drugs, vaccines, and medical packaging performing relatively well [1] - The investment strategy suggests focusing on the impact of market pricing power and capital changes, particularly in AI healthcare and innovative drugs [1] - The domestic dual-antibody ADCs, TYK2 inhibitors, GKA agonists, and pan-KRAS inhibitors are considered globally leading pipelines, with recommended companies including Innovent Biologics, Baiyi Tianheng, and others [1] Group 3: API Market Dynamics - From 2025 to 2030, the sales impact of expiring formulation patents is projected to be $390 billion, a 124% increase compared to the total from 2019 to 2024, indicating a significant demand for APIs [2] - In 2024, the output of APIs in large-scale industrial enterprises is expected to reach 3.583 million tons, a 4.6% year-on-year increase, with Q2 and Q3 showing substantial growth [2] - India's imports of APIs and intermediates from China are projected to reach 3.4 billion yuan in 2024, with a rapid growth in import volume, indicating a recovery in the API industry [2] Group 4: CXO Sector Insights - The Federal Reserve's dovish stance is expected to lead to increased liquidity, with predictions of rate cuts in 2025 and 2026, which may shift investment preferences towards undervalued sectors like pharmaceuticals [3] - The recovery in overseas investment and domestic innovative drug performance is anticipated to improve local financing conditions, with a projected $58.2 billion in global healthcare financing in 2024 [3] - The demand for CXO services is expected to improve as overseas orders recover, positively impacting performance in the sector [3] Group 5: Company Recommendations - Companies benefiting from domestic innovative drug support policies include clinical CROs like Sunshine Nuohe and Nuosige, while life science upstream companies like Haoyuan Pharmaceutical are expected to benefit from overseas business recovery [4] - The generics sector is poised for growth due to policy changes, with recommendations for companies with rich pipelines and high efficiency, such as Kelun Pharmaceutical and Yifan Pharmaceutical [4]