GLAND PHARMA : STEPS DOWN INVESTMENT IN US SUBSIDIARY FOR NOVELSTAR ACQUISITION

• Gland Pharma USA Inc. to subscribe to 60% of Novelstar Pharma Inc. equity for USD 21 million. • Novelstar will become a step-down subsidiary of Gland Pharma. • Investment facilitates expansion of Gland Pharma's business in the US. • Related party transaction between Gland USA (wholly-owned subsidiary) and Novelstar. • Mr. Wenjie Zhang resigned as Non-Executive & Non-Independent Director, accepted with immediate effect. • Mr. Xingli Wang appointed as Additional Director (Non-Executive & Non-Independent).

Gland Pharma Ltd

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