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On September 4, 2019, Zhejiang Jiuzhou Pharmaceutical Co., Ltd. (hereinafter referred to as "Jiuzhou Pharmaceutical") and Novartis International Pharmaceutical Investment Co., Ltd. (hereinafter referred to as "Novartis Investment") signed a transfer agreement for 100% of Suzhou Novartis Pharmaceutical Technology Co., Ltd. (hereinafter referred to as "Suzhou Novartis") after divesting technology and drug development assets. This marks a solid step forward in the cooperation between Jiuzhou Pharmaceutical and Novartis Group, and also signifies a breakthrough in the development of Jiuzhou Pharmaceutical's innovative drug CDMO brand.

After the completion of this acquisition, Suzhou Novartis will be renamed as Ruibo (Suzhou) Pharmaceutical Co., Ltd. (hereinafter referred to as "Ruibo (Suzhou)"), becoming a wholly-owned subsidiary of Jiuzhou Pharmaceutical, further consolidating and enhancing Jiuzhou Pharmaceutical's position as a strategic supplier in the global supply chain of Novartis Group. Ruibo (Suzhou) will serve as a high-end commissioned research and production base to support Jiuzhou Pharmaceutical's business expansion in Europe and North America. At the same time, Jiuzhou Pharmaceutical will fully leverage the core business advantages of Ruibo (Suzhou) in providing innovative CDMO one-stop services to meet China's rapidly growing demand for commissioned research and production, especially to meet the needs of Chinese customers to promote products in developed countries. After the acquisition is completed, Jiuzhou Pharmaceutical will continue to upgrade and transform Ruibo (Suzhou) to ensure that it can meet the needs of customized projects, and build it into a one-stop R&D and production base for innovative drugs with advanced environmental health and safety systems, quality systems, and operational systems.

After the completion of this transaction, Ruibo (Suzhou) will supply domestic and foreign innovative drug companies with the raw materials and intermediates required for the launch of new drugs. Ruibo (Suzhou) has established multiple high-efficiency production lines and possesses process equipment for continuous and enzymatic reactions.

Based on this equity acquisition, an agreement was reached on the five-year long-term supply contract for the raw materials or intermediates of Novartis Group's three drug products (the indications of these products are respectively anti heart failure treatment, breast cancer treatment and leukemia treatment). After the five-year period expires, the long-term supply contract can be automatically extended for five years if relevant conditions are met.

Hua Lirong, Chairman of Jiuzhou Pharmaceutical, stated: Jiuzhou Pharmaceutical has acquired Novartis' production base in Suzhou, China, optimized factory utilization, expanded customer base, further expanded CDMO projects, developed new products, and brought about rapid business growth. At the same time, Jiuzhou has advanced production equipment and a professional team of experts to provide high-quality drugs, meet customer expectations and regulatory requirements, and provide a variety of drugs to the global medical system and patients