Everest Medicines : VOLUNTARY ANNOUNCEMENT BUSINESS UPDATE ON US FDA GRANTING LICENSING PARTNER GILEAD SCIENCES, INC. ACCELERATED APPROVAL OF TRODELVY FOR THE TREATMENT OF METASTATIC UROTHELIAL CANCER

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Everest Medicines Limited

雲 頂 新 耀 有 限 公 司

(incorporated in the Cayman Islands with limited liability)

(Stock Code: 1952)

VOLUNTARY ANNOUNCEMENT

BUSINESS UPDATE ON US FDA GRANTING LICENSING PARTNER GILEAD SCIENCES, INC. ACCELERATED APPROVAL OF TRODELVY® FOR THE TREATMENT OF METASTATIC UROTHELIAL CANCER

This announcement is made by Everest Medicines Limited (the "Company") on a voluntary basis to inform the shareholders and potential investors of the Company about the latest business update.

The board of directors of the Company (the "Board") is pleased to announce that the U.S. Food and Drug Administration (FDA) has granted accelerated approval of Trodelvy® (sacituzumab govitecan- hziy) to Gilead Sciences, Inc. (Nasdaq: GILD), a licensing partner of the Company, for use in adult patients with locally advanced or metastatic urothelial cancer ("UC") who have previously received a platinum-containing chemotherapy and either a programmed death receptor-1(PD-1) or a programmed death-ligand 1 (PD-L1) inhibitor.

The accelerated approval was based on data from the Phase 2, single-arm TROPHY study of 112 patients, which found that Trodelvy® achieved a 27.7% overall response rate with a 7.2-month median duration of response. Continued approval for this indication is contingent upon verification and description of clinical benefit in a confirmatory trial.

Under a licensing agreement with Gilead Sciences, Inc., the Company has exclusive rights to develop, register, and commercialize sacituzumab govitecan-hziy for all cancer indications in Greater China, South Korea, and certain Southeast Asian countries.

In December 2020, the Center for Drug Evaluation (CDE) of China National Medical Products Administration (NMPA) approved a Clinical Trial Application (CTA) for sacituzumab govitecan- hziy for the treatment of patients with metastatic UC. The Company plans to enroll patients in China as part of global Phase 3 TROPiCS-04 confirmatory trial, which is underway and is also intended to support global registrations.

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INFORMATION ABOUT UROTHELIAL CANCER

Urothelial cancer is a type of cancer that begins in urothelial cells that line the urethra, bladder, ureters, renal pelvis, and some other organs that make up the urinary system. According to Frost & Sullivan, in 2019, the incidence of urothelial cancer reached 76,400 in China.

INFORMATION ABOUT TRODELVY® (SACITUZUMAB GOVITECAN- HZIY)

Trodelvy® (sacituzumab govitecan-hziy) is a first-in-class,antibody-drug conjugate (ADC) directed at TROP-2, a membrane antigen that is over-expressed in many common epithelial cancers.

In addition to its indication in locally advanced or metastatic UC, Trodelvy® is approved in the U.S. to treat adult patients with unresectable locally advanced or metastatic triple-negative breast cancer (TNBC) who have received two or more prior systemic therapies, at least one of them for metastatic disease.

Cautionary statement: We cannot guarantee that we will be able to develop, or ultimately market, Trodelvy® (sacituzumab govitecan-hziy) successfully. Shareholders and potential investors of the Company are advised to exercise due care when dealing in the shares of the Company.

By Order of the Board

Everest Medicines Limited

Wei Fu

Chairman and Executive Director

Hong Kong, April 14, 2021

As at the date of this announcement, the board of directors of the Company comprises Mr. Wei Fu as Chairman and Executive Director, Dr. Kerry Levan Blanchard, Mr. Ian Ying Woo and Mr. Xiaofan Zhang as Executive Directors, Mr. Yubo Gong and Ms. Lan Kang as Non-executive Directors, and Mr. Bo Tan, Mr. Yifan Li and Mr. Shidong Jiang as Independent Non-executive Directors.

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