REG - Hutchmed China Ltd - Changes to Board and Technical Committee

HUTCHMED (China)Announcement

13/07/2023 09:30

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RNS Number : 9235F  Hutchmed (China) Limited  13 July 2023

HUTCHMED Announces Changes to Board of Directors and Technical Committee

 

Ms Ling Yang to replace Mr Lefei Sun as Non-executive Director; Professor
Solange Peters appointed as Special Advisor to the Technical Committee

 

Hong Kong, Shanghai & Florham Park, NJ - Thursday, July 13, 2023: HUTCHMED
(China) Limited ("HUTCHMED (https://www.hutch-med.com/) " or the "Company")
(Nasdaq/AIM: HCM, HKEX: 13) today announces that with effect from July 13,
2023:-

 

(i)         Mr Lefei Sun, having left his position at General
Atlantic, has resigned as Non-executive Director and member of the Technical
Committee of HUTCHMED; and

 

(ii)         Ms Ling Yang, managing director of The Carlyle Group and
co-head of Carlyle Asia Healthcare, has been appointed as Non-executive
Director of HUTCHMED and will hold office until the next general meeting when
she will stand for re-election.

 

The Board of Directors of HUTCHMED (the "Board") is of the view that the
appointment of Ms Yang would provide significant benefits to HUTCHMED taking
into consideration her experience in biotechnology company management,
business strategy, capital markets and mergers and acquisitions. Ms Yang had
been the managing director of Carlyle and co-head of Carlyle Asia Healthcare
since November 2021, in charge of advising in healthcare investment and
portfolio activities of Carlyle in China. Carlyle owns approximately 4.7% of
the ordinary shares of HUTCHMED, through its affiliate CA Fern Parent.

 

Mr Simon To, Chairman of HUTCHMED said "On behalf of the Board, we would like
to express our gratitude and appreciation to Mr Lefei Sun for his
contributions to the Company and we wish him all the best for his future
endeavors. We welcome Ms Ling Yang to the Company. We believe that her
expertise in life sciences and healthcare investment would strengthen our
Board as it works towards achieving its goals."

 

Ms Yang, aged 43, is chairwoman and non-executive director of ADICON Holdings
Limited (HKEX: 9860); director of Shenzhen Salubris Pharmaceuticals Co., Ltd.
(SZSE: 002294); non-executive director of Ambio Pharmaceuticals and Ambio,
Inc.; chairwoman of Adicon (Hangzhou) Clinical Laboratories Co., Ltd. and
Aidiken (Hangzhou) Biotech Co., Ltd; and director of Adicon International
Limited and Manson Grand International Limited. She was previously
non-executive director of Ambio Holdings, Inc. Ms Yang previously worked at
KKR Asia Limited at which her last position was a principal primarily
responsible for carrying out investments made by KKR Asia Limited. She also
worked as an associate in the U.S. leveraged buyout healthcare group of
Carlyle; and as an analyst in the investment banking division of The Goldman
Sachs Group, Inc. She graduated summa cum laude and is a member of Phi Beta
Kappa with a bachelor's degrees in economics and computer science from Smith
College and she received her master of business administration degree from
Harvard Business School.

 

Under the terms of her appointment, Ms Yang will serve as a Non-executive
Director of the Company until the next general meeting. As a Non-executive
Director, she will not receive any fees for her service and that her
appointment will be renewed for successive 12-month periods, unless she is not
re-elected at the next general meeting or her appointment is otherwise
terminated earlier by either party in writing.

 

Save for the appointment listed above, Ms Yang has held no other directorships
or partnerships during the period of five years prior to her appointment as a
director of HUTCHMED. Save for her role with Carlyle, she does not have any
relationship with any Directors, senior management or substantial or
controlling shareholders of HUTCHMED. Ms Yang does not have any interest in
the ordinary shares of HUTCHMED 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 Ms Yang 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 Rules
Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited
("HK Listing Rules") and there are no other matters concerning the appointment
of Ms Yang that are required to be brought to the attention of the
shareholders of HUTCHMED.

 

Pursuant to the requirements of Rule 13.51(2) of the HK Listing Rules, Mr Sun
has confirmed that he has no disagreement with the Board and that there are no
other matters that need to be brought to the attention of the shareholders of
the Company in connection with his resignation from the Board.

 

Appointment of Special Advisor to the Technical Committee

 

With respect to the announcements made on May 10, 2023 and May 12, 2023 on
changes in board positions and committee membership of the Company, the Board
had decided to appoint Professor Solange Peters as Special Advisor to the
Technical Committee of the Company with effect from July 12, 2023. This
decision follows further consideration by the Board and discussions with
Professor Peters. Professor Peters will not join the Board.

 

Taking into account the expertise and reputation of Professor Peters in
biopharmaceutical research in oncology and in immunology, the Board is of the
view that her appointment as Special Advisor to the Technical Committee
(instead of the position of an Independent Non-executive Director, as
previously proposed) would enable Professor Peters to contribute most
effectively to the scientific research and strategy of HUTCHMED.

 

Mr Simon To, Chairman of HUTCHMED said "The Board warmly welcomes the
appointment of Professor Peters as Special Advisor to the Technical Committee,
and looks forward to working with her. We believe that her extensive
experience in oncology and immunology would be of immense value to the Company
as it develops drugs for the treatment of diseases in these fields."

 

About HUTCHMED

 

HUTCHMED (Nasdaq/AIM:HCM; HKEX:13) is an innovative, commercial-stage,
biopharmaceutical company. It is committed to the discovery and 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 it has focused on bringing
cancer drug candidates from in-house discovery to patients around the world,
with its first three oncology drugs now approved and marketed in China. 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
 Mark Lee, Senior Vice President                                  +852 2121 8200
 Annie Cheng, Vice President                                      +1 (973) 306-4490

 Media Enquiries
 Americas - Brad Miles,                                           +1 (917) 570 7340 (Mobile) / bmiles@s (mailto:bmiles@soleburystrat.com)

Solebury Strategic Communications                               oleburystrat (mailto:bmiles@soleburystrat.com) .com
                                                                  (mailto:bmiles@soleburystrat.com)
 Europe - Ben Atwell / Alex Shaw,                                 +44 20 3727 1030 / +44 7771 913 902 (Mobile) /

FTI Consulting                                                  +44 7779 545 055 (Mobile) / HUTCHMED@fticonsulting.com
                                                                  (mailto:HUTCHMED@fticonsulting.com)
 Asia - Zhou Yi, Brunswick                                        +852 9783 6894 (Mobile) / HUTCHMED@brunswickgroup.com
                                                                  (mailto:HUTCHMED@brunswickgroup.com)

 Nominated Advisor
 Atholl Tweedie / Freddy Crossley / Daphne Zhang, Panmure Gordon  +44 (20) 7886 2500

 

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