SHANGHAI, Oct. 31, 2021 /PRNewswire/ -- Everest Medicines (HKEX 1952.HK, "Everest" or the "Company"), a biopharmaceutical company focused on developing and commercializing transformative pharmaceutical products that address critical unmet medical needs for patients in Asia, today announced that it has repurchased 1,095,000 ordinary shares equivalent to approximately HK$50 million in the open market in the period from October 4, 2021 to October 29, 2021, at an average price of HK$45.63 per share. Individual transaction details are available in the investor section of the Company's website.
The repurchases were made under the HK$100 million share repurchase program announced on and effective from August 30, 2021. At current share price, the Company believes its shares are trading at a substantial discount to their underlying value, and may continue to repurchase shares in open market. The Company is fully committed to creating value for shareholders and has strong conviction towards its future outlook. As of June 30, 2021, the Company had RMB3,971.0 million cash and cash equivalents.
The Company will conduct any share repurchase in compliance with the memorandum and articles of association of the Company, the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, the Codes on Takeovers and Mergers and Share Buybacks, the Companies Law of the Cayman Islands and all applicable laws and regulations to which the Company is subject to.
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 ten 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.
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SOURCE Everest Medicines