The board of directors of the Company announced that on July 9, 2024, Keymed Biosciences (Chengdu) Co. Ltd. (a wholly-owned subsidiary of the Group, Chengdu Keymed) and Belenos Biosciences Inc. ("Belenos") have entered into an out-license agreement (the "License Agreement"). The License Agreement grants Belenos the exclusive right to develop, manufacture and commercialize the Group ' s drug candidates, CM512 and CM536, globally excluding the Greater China region (the "Licensed Region").

CM512 and CM536 are both in- house developed bispecific antibodies. Subject to terms and conditions of the License Agreement, Belenos is granted an exclusive license for research, development, registration, manufacturing, and commercialization of CM512 and CM536 in the Licensed Region. In return, Chengdu Keymed shall receive an upfront and near- term payment of USD 15 million, and iBridge HK Holdings Limited (a wholly-owned subsidiary of the Group, "iBridge HK") shall receive approximately 30.01% of the equity interest in Belenos as consideration.

Subject to achievement of certain development, regulatory and commercial milestones, Chengdu Keymed may also receive additional payments up to USD 170 million. Chengdu Keymed is also entitled to receive tiered royalties from Belenos on net sales during a specified time period beginning after the first commercial sales of CM512 and CM536. Except as otherwise agreed, Belenos will be responsible for bearing the costs of all development, regulatory and commercialization activities of CM512 and CM536 in the Licensed Region.

In connection with the License Agreement, Belenos and Chengdu Keymed will enter into a supply agreement under which Belenos will have the right to source supply of CM512 and CM536 from Chengdu Keymed or its contract manufacturer in the quantities necessary to conduct any clinical trials. The Board believes that entering into the License Agreement is in the best interests of the Company and its shareholders as a whole. The Group will also leverage this opportunity to further strengthen its global cooperation network through its innovative collaboration model and maximize the scientific and commercial value of the Group's technology platforms.