Everest Medicines Limited (Everest Medicines) announced that its wholly owned PRC subsidiary entered into a Strategic Cooperation Framework Agreement with Hasten Biopharmaceutical on 9 September 2026, creating a platform for the supply, distribution, manufacturing and commercialisation of six prescription drugs—including Rocephin, Stilamin and Basen—in mainland China. The framework runs until 31 December 2028 and will automatically extend for successive three-year periods unless terminated with six months’ notice.
The cooperation embraces four operating models: 1) Commercialisation services (continuation of the 2025 Commercialisation Service Agreement). 2) Master distribution, under which Everest purchases finished products from Hasten and handles importation, channel management and sales. 3) Manufacturing, in which Everest procures bulk materials from Hasten to conduct secondary packaging or contract manufacturing before distribution under its own name. 4) Potential cooperation, allowing Everest to act as master distributor and commercial service provider after direct procurement from the MAH.
Pricing will be negotiated at arm’s length, referencing public tender prices, on-line listed prices, reimbursement standards and comparable market margins. No historical transactions exist under the new models. Aggregate payments by Everest to Hasten are capped at RMB356.00 million for 2026 (partial-year), RMB2.22 billion for 2027 and RMB3.08 billion for 2028. Separately, Hasten will continue to pay Everest service fees of RMB560.00 million, RMB616.00 million and RMB677.00 million for 2026–2028, respectively, under the existing commercialisation contract.
Management expects the agreement to leverage Everest’s forthcoming drug-distribution licence (targeted for late 2026) and its developing GSP-compliant platform, enabling broader use of its supply-chain, manufacturing and commercial infrastructure. The payments to Hasten will be treated as procurement costs within Everest’s operating cost base.
Because C-Bridge Healthcare Fund V indirectly owns 54.07 % of Hasten and is controlled by Everest non-executive director Mr Wei Fu, Hasten is deemed a connected person under Chapter 14A of the Hong Kong Listing Rules. The agreement therefore requires reporting, announcement, annual review and independent shareholder approval. Mr Wei Fu has abstained from the relevant Board vote; all independent non-executive directors will form an Independent Board Committee, and Huaan Securities (Hong Kong) Corporate Finance has been appointed as independent financial adviser. An extraordinary general meeting will be convened; shareholders related to Mr Wei Fu or the CBC Group must abstain from voting.
Everest Medicines reports that internal control measures—including quarterly cap monitoring, annual board review, external auditor review and internal audit oversight—are in place to ensure pricing discipline and compliance with the Listing Rules. The circular detailing the transaction is scheduled for dispatch on or before 13 November 2026.