Gland Pharma Invests USD 21M in US Subsidiary for Novelstar Acquisition

Gland Pharma Limited's Board of Directors approved an investment of USD 21 million in its wholly-owned subsidiary, Gland Pharma USA Inc. This investment will enable Gland USA to subscribe to 60% of the equity share capital of Novelstar Pharma Inc., making Novelstar a step-down subsidiary of Gland Pharma. The move is intended to facilitate business expansion in the United States. Additionally, the board accepted the resignation of Director Mr. Wenjie Zhang and appointed Mr. Xingli Wang as an Additional Director. Board committees have been realigned following these changes.