SHANGHAI, Nov. 8, 2021 /PRNewswire/ -- Everest Medicines (HKEX 1952.HK, "Everest" or the "Company"), a biopharmaceutical company focused on developing and commercializing transformative pharmaceutical products that address critical unmet medical needs for patients in Asia, today announced that its board directors resolved to increase the share repurchase program by up to HK$100 million.
The Company has repurchased 1,615,500 ordinary shares equivalent to approximately HK$71 million in the open market in the period from October 4, 2021 to November 5, 2021 under the HK$100 million share repurchase program announced on and effective from August 30, 2021. In addition to the HK$100m share repurchase program resolved by the board on August 30, 2021, the board further resolved to repurchase an additional up to HK$100 million of its ordinary shares from the open market from time to time on November 5, 2021.
The board believes that an additional share repurchase program in the present conditions demonstrate the Company's confidence in its own business outlook and would, ultimately, benefit the Company and create value to the shareholders. The board also believes that the current financial resources of the Company are sufficient to implement the share repurchase while maintaining a solid financial position.
The Company will conduct any share repurchase in compliance with the memorandum and articles of association of the Company, the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, the Codes on Takeovers and Mergers and Share Buybacks, the Companies Law of the Cayman Islands and all applicable laws and regulations to which the Company is subject to.
About Everest Medicines
Everest Medicines is a biopharmaceutical company focused on developing and commercializing transformative pharmaceutical products that address critical unmet medical needs for patients in 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 ten 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 more information, please visit its website at www.everestmedicines.com.