Everest Medicines Plans US$250 Million Related-Party Buyout of Hasten Biopharma’s APAC Portfolio

Bulletin Express
Jun 02

Everest Medicines (01952, “Everest Medicines”) will pay up to US$250 million to acquire 100% of Hasten Biopharmaceuticals (SG) Pte. Ltd. and assume a US$148.80 million shareholder loan from connected party Hasten Biopharmaceuticals (Asia). The deal is classified as both a major and connected transaction and is subject to independent shareholders’ approval at an extraordinary general meeting on 17 June 2026, to be held virtually.

Key Transaction Terms • Consideration: US$250 million, payable in three tranches—US$150 million at closing, US$50 million in 1Q 2028 and US$50 million in 1Q 2029, all interest-free. • Funding: Internal resources and new bank facilities; a RMB200 million (US$27.47 million) deposit already paid to the seller will be refunded within 10 business days after closing. • Conditions: Release of existing share pledge, regulatory and shareholder approvals, no material adverse change in the target, and continued employment of key personnel. • Long-stop date: 6 October 2026, extendable by mutual agreement.

Target Snapshot — Hasten Biopharmaceuticals (SG) • Holds MAH rights, trademarks and commercial rights to 14 branded chronic-disease drugs across South Korea, Thailand, Taiwan, Hong Kong, the Philippines, Malaysia and Australia. • FY 2025 audited results: revenue US$31.14 million, EBITDA US$27.55 million, profit after tax US$9.38 million. • Normalised revenue (post-transition model): US$82.23 million. • Total assets: US$163.43 million; net assets: US$9.38 million.

Strategic Rationale Everest Medicines aims to build a pan-Asia platform for chronic-disease therapies. Management expects the acquisition to: • Add a commercial portfolio generating stable cash flow and broaden revenue sources. • Provide an established network of >120 sales staff and distributor relationships across key APAC markets. • Accelerate overseas launches of Everest’s existing products (NEFECON®, VELSIPITY®, XERAVA®) and support expansion in cardiovascular, kidney and metabolic diseases.

Financial Effects (Pro Forma, 31 Dec 2025) • Total assets would rise by roughly RMB1.78 billion to RMB8.62 billion. • Total liabilities would increase by about RMB1.79 billion to RMB3.32 billion, mainly reflecting new bank borrowings and deferred payments. • Net assets would dip marginally by RMB5.31 million to RMB5.30 billion.

Governance and Approval • As CBC Group and its founder Wei Fu control both Everest Medicines and the seller, the deal constitutes a connected transaction. • Wei Fu, CBC Group and their associates holding a combined 87.34 million Shares (24.69% of the issued capital) will abstain from voting at the EGM. • An Independent Board Committee has appointed WRise Capital as independent financial adviser; it recommends shareholders vote in favour.

Timeline • EGM: 17 June 2026 (virtual). • Proxy deadline: 15 June 2026. • Record date for voting: 17 June 2026.

If approved, the acquisition is expected to close within 10 business days after all conditions are met, positioning Everest Medicines for an enlarged APAC commercial footprint in chronic-disease therapeutics.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10