TIDMHCM
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" 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 A M 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 or follow us on LinkedIn.
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 e ective in their respective positions, the di iculty in
locating and recruiting suitable candidates for its board of
directors and the management di iculties 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 A M
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 oleburystrat .com
Solebury Strategic Communications
Europe - Ben Atwell / Alex Shaw, +44 20 3727 1030 / +44 7771 913 902 (Mobile) / +44 7779
FTI Consulting 545 055 (Mobile) / HUTCHMED@fticonsulting.com
Asia - Zhou Yi, Brunswick +852 97 83 6894 (Mobile) / HUTCHMED@brunswickgroup.com
Nominated Advisor
Atholl Tweedie / Freddy Crossley / Daphne Zhang, Panmure
Gordon +44 (20) 7886 2500
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END
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July 13, 2023 04:30 ET (08:30 GMT)
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