Hutchmed (China) Limited Closure of Non-Core OTC Joint Venture Divestment
29 Septembre 2021 - 8:00AM
RNS Non-Regulatory
TIDMHCM
Hutchmed (China) Limited
29 September 2021
Press Release
HUTCHMED Announces Closing of Divestment of Non-Core OTC Joint
Venture
Hong Kong, Shanghai & Florham Park, NJ -- Wednesday,
September 29, 2021: HUTCHMED (China) Limited (" HUTCHMED ")
(Nasdaq/AIM: HCM; HKEX:13) today announces that, further to its
announcement in March 2021 and following receipt of regulatory
approval, it has completed the sale of its entire indirect interest
in Hutchison Whampoa Guangzhou Baiyunshan Chinese Medicine Company
Limited ("HBYS"), a non-core and non-consolidated over-the-counter
("OTC") drug joint venture business, to GL Mountrose Investment Two
Limited, a company controlled and managed by GL Capital Group ("GL
Capital").
The aggregate amount which will be received by HUTCHMED is
approximately US$169 million in cash, representing about 22 times
HBYS' adjusted net profit attributable to HUTCHMED equity holders
of US$7.7 million in 2020 [1] . Of the proceeds, approximately
US$127 million related to its shareholding in HBYS has been
received. The balance of approximately US$42 million is related to
expected upcoming distributions of declared dividends related to
previously announced land compensation and prior year undistributed
profits.
The transaction will allow HUTCHMED to focus the organization
and resources on its primary aim of accelerating investment in the
Oncology/Immunology assets in China and beyond.
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. A dedicated organization of over 1,400
personnel has advanced eleven cancer drug candidates from in-house
discovery into clinical studies around the world, with its first
three oncology drugs now approved and marketed. For more
information, please visit: www.hutch-med.com or follow us on
LinkedIn .
About HBYS
HBYS was established in 2005 and focuses primarily on the
manufacture, marketing and distribution of proprietary OTC
pharmaceutical products. HBYS was HUTCHMED's non-consolidated joint
venture with Guangzhou Baiyunshan Pharmaceutical Holdings Company
Limited. HUTCHMED had a 50% interest in HBYS through a holding
company in which HUTCHMED had an 80% interest.
About GL Capital
GL Capital is a leading investment firm specializing in buyout
and growth opportunities in China's healthcare industry. The firm
has over US$2 billion under management across both public and
private equity, through USD and RMB-denominated funds.
Founded in 2010, GL Capital strives to be the partner-of-choice
for leading healthcare companies, generate superior investment
returns, and contribute to the sustainable development of China's
healthcare industry. For more information, please visit
www.gl-investment.com.
Forward-Looking Statements
This press release 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, including its expectations as to the anticipated amount of
proceeds, the intended use of proceeds and the anticipated closing
date of the proposed transaction. Forward-looking statements
involve risks and uncertainties. Such risks and uncertainties
include, among other things, assumptions regarding the amount and
timely receipt of the final land compensation, satisfaction of the
conditions precedent to the consummation of the proposed
transaction (including the ability of the parties to secure
regulatory approvals on the terms expected, at all or in a timely
manner), the ability of the parties to complete the proposed
transaction and the impact of the COVID-19 pandemic on general
economic, regulatory and political conditions. 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 AIM and with The Stock Exchange of Hong Kong
Limited. HUTCHMED undertakes no obligation to update or revise the
information contained in this press release, 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) 567 3786
Media Enquiries
Americas - Brad Miles, +1 (917) 570 7340 (Mobile)
Solebury Trout bmiles@troutgroup.com
Europe - Ben Atwell / Alex Shaw, +44 20 3727 1030 / +44 7771 913 902 (Mobile) / +44 7779 545 055 (Mobile)
FTI Consulting HUTCHMED@fticonsulting.com
Asia - Zhou Yi, +852 97 83 6894 (Mobile)
Brunswick HUTCHMED@brunswickgroup.com
Nominated Advisor
Atholl Tweedie / Freddy Crossley,
Panmure Gordon (UK) Limited +44 (20) 7886 2500
[1] HBYS' adjusted net profit attributable to HUTCHMED equity
holders (after 20% non-controlling interest) in 2020 of US$7.7
million is a non-GAAP measure which is 40% of HBYS' 2020 net profit
of US$91.3 million less US$72.0 million gain on land compensation,
net of tax.
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END
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