CSPC innovation forms joint venture for metabolic drug development

CSPC Innovation Pharmaceutical (CSPC Innovation) plans to establish a joint venture, Shijiazhuang CSPC Runshi Biotechnology Co., Ltd., with CSPC Zhongqi Pharmaceutical Technology (Shijiazhuang) Co., Ltd., a related party. The total registered capital of the joint venture will be 45,000 million yuan, with CSPC Innovation contributing 15,750 million yuan for a 35% stake and CSPC Zhongqi investing 29,250 million yuan for the remaining 65%.

The new company will focus on the research, industrialization, and commercialization of innovative metabolic drugs, specifically targeting GLP-1 related products for conditions like overweight/obesity and type 2 diabetes. This strategic move aligns with CSPC Innovation's long-term development plans, aiming to enhance its market position and overall competitiveness.

The transaction, classified as a connected transaction, has been approved by CSPC Innovation's Board of Directors and does not require shareholder approval. The investment will be funded by CSPC Innovation's own capital, without impacting its operational activities or financial independence.