Everest Medicines Announces the Departure of CEO, Kerry Blanchard

SHANGHAI,Aug. 26,2022 --Everest Medicines (HKEX 1952.HK,"Everest",or the "Company"),a biopharmaceutical company focused on developing and commercializing transformative pharmaceutical products to address critical unmet needs in Asia Pacific markets,today announced that Dr. Kerry Blanchard has resigned as Chief Executive Officer and as a member of the Board of Directors,effective immediately. He will remain as an advisor to Everest for the six months following his resignation.

"I would like to thank Kerry for his contributions over the past two years at the Company,and wish him the best of luck in his future endeavors. Following an extensive search in the past few months,we are delighted to have identified a finalist among a short list of CEO candidates,with a broad set of expertise across clinical development,regulatory affairs and commercialization. We expect to have the new CEO join Everest in the coming month," said Mr. Wei Fu,Chairman of Everest Medicines and Chief Executive Officer of CBC Group.

Subsequent to the recently-announced sale of Trodelvy® to Immunomedics,Inc.,a wholly-owned subsidiary of Gilead Sciences,Everest is fully committed to the development and commercialization of its remaining portfolio in renal diseases,immunology and infectious diseases. Each of these therapeutic areas has a late-stage product candidate that is near NDA submission or approval with attractive commercial potential. The new CEO will lead Everest in its next phase of growth as a fully-integrated biopharma company in China. The Company will provide further details of its plans for its next development phase after the new CEO is on board.

The Board has appointed Mr. Ian Woo,President and CFO of Everest Medicines,to assume the interim duties and responsibilities of the CEO. The Board believes that having acted as President and CFO since 2018,Mr. Woo will successfully steer the Company decisively through this current period of transition and transformation.

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 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.

For further information,please contact:

Investor Relations:

Leah Liu,VP Corporate Affairs

Everest Medicines

IR@everestmedicines.com

Forward-Looking Statements:

This news release may make statements that constitute forward-looking statements,including descriptions regarding the intent,belief or current expectations of the Company or its officers with respect to the business operations and financial condition of the Company,which can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties,or other factors,some of which are beyond the control of the Company and are unforeseeable. Therefore,the actual results may differ from those in the forward-looking statements as a result of various factors and assumptions,such as future changes and developments in our business,competitive environment,political,economic,legal and social conditions. The Company or any of its affiliates,directors,officers,advisors or representatives has no obligation and does not undertake to revise forward-looking statements to reflect new information,future events or circumstances after the date of this news release,except as required by law.