SHANGHAI, Aug. 30, 2021 /PRNewswire/ -- Everest Medicines (HKEX 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 announced that its board directors resolved to repurchase shares worth up to HK$100 million in the open market from time to time.
At the annual general meeting of the Company held on 1 June 2021, a general mandate of repurchasing up to 10% of the total issued shares of the Company has been given to the board. On August 30, 2021, the board formally resolved to utilize the mandate to repurchase up to HK$100 million of its ordinary shares.
The board believes that a share repurchase in the present conditions will demonstrate the Company's confidence in its own business outlook and prospects and would, ultimately, benefit the Company and create value to the shareholders. The board also believes that the current financial resources of the Company would enable it to implement the share repurchase while maintaining a solid financial position.
The Company will conduct the 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 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 more information, please visit its website at www.everestmedicines.com.