To JHL Biotech Investors, Partners and Friends:
I am writing to share the important news that JHL Biotech has reached a settlement agreement with Genentech to resolve Genentech’s civil claims related to the development of certain biologic therapies, or “biosimilar” medicines. After careful consideration, we determined the settlement provides the best path forward for the company to focus exclusively on delivering high-quality and affordable biosimilar medicines to patients in need. It also removes the costs and uncertainty associated with protracted litigation.
Under the terms of the agreement with Genentech, JHL will immediately forgo further development and clinical trials of products named in the settlement, other than as required for patient safety and compliance with applicable regulations. As part of the agreement, JHL will also reimburse Genentech for its legal fees and the cost of its investigation, but will not otherwise pay any damages.
However, this will have no impact on JHL’s ability to continue development of the remainder, and majority, of our biosimilar pipeline or on our ability to continue to expand our CDMO business.
We are pleased to have resolved these claims and put this chapter behind us. JHL remains well-positioned to capture growing market opportunities and implement our long-term strategic plan for sustainable growth, including focusing on executing the rollout of our biosimilar pipeline and the global expansion of our CDMO business. This plan will create long-term value for our shareholders, bolster our strong financial position, and capitalize on the market’s continued optimism in our business.
We deeply value your continued support of JHL Biotech.
Best,
James Huang
Executive Chairman & CEO
