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Tonghua Dongbao Pharmaceutical Co., Ltd. ("Dongbao"), a portfolio company of DCP and a leading pharmaceutical company in China focused on diabetes treatment, announced a product in-license deal with Wuxi AppTec Co., Ltd. ("Wuxi AppTec"), a global leading R&D service provider in pharmaceutical, biotech and medical device industries. Additionally, the two parties entered into a Strategic Partnership focusing on advancing innovative anti-diabetic drugs, with the goal to fully leverage Dongbao's commercial capabilities and Wuxi's R&D ecosystem to meet the significant unmet medical needs in China's diabetes treatment space.

As the first step of the strategic cooperation, Dongbao in-licensed three highly promising pre-clinical anti-diabetic drug candidates from Wuxi AppTec, and both parties will work closely to advance these three programs, fully leveraging Wuxi AppTec's R&D enabling ecosystem, including pre-clinical CRO services, clinical CRO services, and CDMO services. These three programs either target multiple proven mechanisms of action (MOA), or have other clear benefits such as differentiated administration, cost competitives or other potential patient benefits such as weight loss and cardiovascular, kidney, and liver protection.

Since its strategic investment into Dongbao in Sept. 2020, DCP has actively engaged in Dongbao's strategic transformation. DCP has sought to leverage its wide industry connections to introduce strategic partners to Dongbao, aiming to reinforce its business development activities and enrich its product pipeline. In order to improve Dongbao's operational efficiency and competitiveness, DCP has also launched a series of initiatives covering a full range of topics such as corporate governance, KPI system, LEAN manufacturing, strategic sourcing and talent recruitment.

"DCP, our strategic shareholder has been playing an important role in our business transformation towards an even more R&D and innovation driven company. The collaboration with Wuxi AppTec is a crucial step in achieving such vision. In addition, DCP has also been an important contributor to our internal operational transformation. Post-investment, DCP has designated a professional team to Dongbao, facilitating us in revamping incentive mechanism, optimizing business process and attracting top talents. Going forward, we, together with DCP team, are confident to deliver more great news to the patients and the investors" said Mr. Leng Chunsheng, Chairman and General Manager of Dongbao.

"The partnership with Wuxi AppTec will not only significantly accelerate Dongbao's product development but also lay the foundation for a long-term and mutually beneficial strategic partnership between the two companies. Going forward, we will continue to work closely with the Dongbao team to actively seek attractive business development opportunities while strengthening internal operational capabilities. We are encouraged by the latest progress and confident in the company's future success. " said Mr. Wayne Wang, Managing Director of DCP and Director of Dongbao.