REG - Hutchmed China Ltd - Appointment of Independent Non-executive Director

HUTCHMED (China)Announcement

20/11/2024 09:30

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RNS Number : 9451M  Hutchmed (China) Limited  20 November 2024

HUTCHMED Announces Appointment of Independent Non-executive Director and Member of Board Committee

 

Hong Kong, Shanghai & Florham Park, NJ - Wednesday, November 20, 2024:
HUTCHMED (China) Limited ("HUTCHMED (https://www.hutch-med.com/) " or the
"Company") (Nasdaq/AIM: HCM, HKEX: 13) today announces that Dr Chaohong Hu (Dr
Mary Hu) is appointed as an Independent Non-executive Director and a member of
the Technical Committee of the Company with effect from November 21, 2024.

 

Dr Hu has over 20 years of experience in the development of therapeutic
antibodies, antibody-drug conjugates, and vaccines. Throughout her career, she
has demonstrated strong leadership and innovative capabilities, leading
various research and development initiatives. Dr Hu's expertise spans from
early-stage discovery to clinical development and commercialization. She also
has a proven track record of successful business development and strategic
partnerships, including out-licensing and collaboration.

 

Dr Dan Eldar, Chairman of HUTCHMED, said "On behalf of the Board, I would like
to extend a warm welcome to Dr Hu to the Company. We believe that her
expertise in the biopharmaceutical industry will bring fresh perspective and
provide constructive insight to the Board."

 

Dr Hu, aged 58, is currently Chief Operating Officer of D Biotherapeutics, LLC
and an owner and principal consultant of Lakebio Consulting, LLC.  She was
previously executive director and co-chief executive officer of Lepu Biopharma
Co., Ltd. (HKEX: 2157) from 2020 to January 2024.  She was also chief
executive officer and Chairman of the Board of Shanghai Miracogen Inc., a
company founded by Dr Hu, focusing on the research and development, clinical
study and industrialization of new drugs for targeted cancer therapy -
antibody drug conjugates, from 2014 to January 2024.  She disposed of all her
interests in Shanghai Miracogen Inc. in 2020. Prior to founding Shanghai
Miracogen Inc., Dr Hu served as a director of the Bioassay Development and
Process Analytics department at Seagen Inc. (previously listed on the Nasdaq);
director of Molecular Biology and Clinical Immunology department of
GlaxoSmithKline plc (currently GSK plc) (LSE/NYSE: GSK); and research
scientist and director of Molecular Biology and Clinical Immunology department
of ID Biomedical Corporation (previously listed on the Nasdaq).  She was also
a postdoctoral fellow of the University of Washington.

 

Dr Hu holds a Bachelor of Science degree in biochemistry from Wuhan University
and a PhD in molecular biology from Institute of Biophysics, Chinese Academy
of Sciences.

 

Dr Hu has broad relevant board experience, currently holding or having held in
the past five years the following directorships and partnerships:

 

 Current Directorships and Partnerships:        Previous Directorships and Partnerships in the last five years:
 D Biotherapeutics, LLC                         Lepu Biopharma Co., Ltd (HKEX: 2157)

 Lakebio Consulting, LLC                        Innocube Limited, a subsidiary of Lepu Biopharma Co., Ltd.

 KYM Biosciences Inc. (Delaware incorporated)   Innocube Biosciences Inc, a subsidiary of Lepu Biopharma   Co. Ltd.

 Miracogen Limited                              Shanghai Miracogen Inc.

 Miracogen Inc.                                 KYM Biosciences Inc. (Washington incorporated)

 Miracogen Incorporated

 

Save for the appointments listed above, Dr Hu has held no other directorships
or partnerships during the period of five years prior to her appointment as a
director of HUTCHMED. She does not have any relationship with any Directors,
senior management or substantial or controlling shareholders of HUTCHMED. Dr
Hu has confirmed (a) her independence as regards each of the factors for
independence referred to in Rule 3.13(1) to (8) of the Rules Governing the
Listing of Securities on The Stock Exchange of Hong Kong Limited ("HK Listing
Rules"); (b) that she had no past or present financial or other interest in
the business of the Company or its subsidiaries or any connection with any
core connected person (as defined in the HK Listing Rules) of the Company; and
(c) that there are no other factors that may affect her independence at the
time of her appointment.

 

The initial term of the appointment of Dr Hu as an Independent Non-executive
Director of the Company shall end at the next following annual general meeting
of the Company, subject to retirement in accordance with the Articles of
Association of the Company and applicable legal and regulatory requirements,
and thereafter for successive periods of 12 months, unless she is not
re-elected at the next following annual general meeting or her appointment is
otherwise terminated earlier by either party in writing. The director's fees
of Dr Hu as an Independent Non-executive Director and member of the Technical
Committee of the Company under her appointment letter are US$76,000 and
US$8,000 per annum respectively, which were determined by the Board with
reference to the director's duties and responsibilities and prevailing market
conditions. Such fees are subject to review from time to time and proration
for any incomplete year of service.

 

Dr Hu does not have any interest in the ordinary shares of the Company within
the meaning of Part XV of the Securities and Futures Ordinance (Cap. 571 of
the Laws of Hong Kong).

 

Save for the information disclosed above, there is no other information in
relation to Dr Hu that is required to be disclosed pursuant to Rule 17 and
Schedule 2(g) of the AІM Rules for Companies or Rule 13.51(2) of the HK
Listing Rules, and there are no other matters concerning the appointment of Dr
Hu that are required to be brought to the attention of the shareholders of
HUTCHMED.

 

 

About HUTCHMED

 

HUTCHMED (Nasdaq/AIM:HCM; HKEX:13) is an innovative, commercial-stage,
biopharmaceutical company. It is committed to the discovery, global
development and commercialization of targeted therapies and immunotherapies
for the treatment of cancer and immunological diseases. It has approximately
5,000 personnel across all its companies, at the center of which is a team of
about 1,800 in oncology/immunology. Since inception, HUTCHMED has focused on
bringing cancer drug candidates from in-house discovery to patients around the
world, with its first three medicines marketed in China, the first of which is
also marketed in the US, Europe and Japan. For more information, please visit:
www.hutch‑med.com (https://www.hutch-med.com/) or follow us on LinkedIn
(https://www.linkedin.com/company/hutchmed/) .

 

 

Forward-Looking Statements

 

This announcement contains forward-looking statements within the meaning of
the "safe harbor" provisions of the U.S. Private Securities Litigation Reform
Act of 1995. These forward-looking statements reflect HUTCHMED's current
expectations regarding future events. Forward-looking statements involve risks
and uncertainties. Such risks and uncertainties include, among other things,
the risk that current or future appointees to HUTCHMED's board of directors
are not effective in their respective positions, the difficulty in locating
and recruiting suitable candidates for its board of directors and the
management difficulties which may arise from changes in HUTCHMED's board of
directors. Existing and prospective investors are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the date
hereof. For further discussion of these and other risks, see HUTCHMED's
filings with the U.S. Securities and Exchange Commission, on AІM and with The
Stock Exchange of Hong Kong Limited. HUTCHMED undertakes no obligation to
update or revise the information contained in this announcement, whether as a
result of new information, future events or circumstances or otherwise.

 

 

CONTACTS

 

 Investor Enquiries                                                       +852 2121 8200 / ir@hutch-med.com (mailto:ir@hutch-med.com)

 Media Enquiries
 Ben Atwell / Alex Shaw, FTI Consulting                                   +44 20 3727 1030 / +44 7771 913 902 (Mobile) /
                                                                          +44 7779 545 055 (Mobile) / HUTCHMED@fticonsulting.com
                                                                          (mailto:HUTCHMED@fticonsulting.com)
 Zhou Yi, Brunswick                                                       +852 9783 6894 (Mobile) / HUTCHMED@brunswickgroup.com
                                                                          (mailto:HUTCHMED@brunswickgroup.com)

 Nominated Advisor
 Atholl Tweedie / Freddy Crossley / Rupert Dearden, Panmure Liberum       +44 (20) 3100 2000

 

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