YS BIOPHARMA AND SUMMIT HEALTHCARE ANNOUNCE SHAREHOLDER APPROVAL OF BUSINESS COMBINATION

2023-03-15

疫苗并购高管变更

Business Combination to deliver approximately $36 million of gross proceeds

YS Biopharma expects to close the Business Combination on March 16, 2023

YS Biopharma Ordinary Shares and YS Biopharma Warrants expected to begin trading on the Nasdaq on March 17, 2023 under the symbols "YS" and "YSBPW," respectively

YishengBio Co., Ltd (to be renamed as YS Biopharma Co., Ltd., and herein referred to as "YS Biopharma"), a global biopharmaceutical company dedicated to discovering, developing, manufacturing and commercializing new generations of vaccines and therapeutic biologics for infectious diseases and cancer, and Summit Healthcare Acquisition Corp. (Nasdaq: SMIH) ("Summit"), a publicly traded special purpose acquisition company, announced today that the previously announced business combination (the "Business Combination") was approved at an extraordinary general meeting of Summit on March 14, 2023. The Business Combination is expected to officially close on March 16, 2023. YS Biopharma will remain as the combined company and its shares and warrants are expected to begin trading on the Nasdaq Capital Market under the symbols "YS" and "YSBPW," respectively, on March 17, 2023. YS Biopharma is a global biopharmaceutical company focusing on new generations of vaccines and therapeutic biologics for infectious diseases and cancer. It has a proprietary PIKA® immunomodulating technology platform and a broad portfolio of preventive and therapeutic biologics targeting Rabies, Coronavirus, Hepatitis B, Influenza and Shingles. YS Biopharma operates in China, the United States, Singapore, the United Arab Emirates, and the Philippines. Dr. David Hui Shao, the Chief Executive Officer and Director of YS Biopharma, commented, "Going public is a natural step for YS Biopharma right now. We are pleased that the shareholders of Summit have, through approval of the business combination, reaffirmed their belief in our vision and future for the company. We have built an innovative portfolio and recorded strong product revenue growth and financial performance over recent years. Looking forward, our strategy is to drive continuous organic growth through innovation and geographic expansion for our pipeline products, combined with disciplined investment in new technology and clinical development. The business combination with Summit brings us one step closer to realizing our foremost goals as a leading global biopharma company." Mr. Bo Tan, the Chief Executive Officer, Co-Chief Investment Officer and Director of Summit, stated, "YS Biopharma has demonstrated its dedication and commitment to excellence in public health in China and other emerging markets. As a long-established vaccine manufacturer, YS generates robust revenue from its in-market vaccines and has built a differentiated vaccine platform with its unique PIKA adjuvant technology. With the proceeds from the business combination, we believe that YS will have the resources to further execute its vision to serve the critical medical needs in infectious disease and cancer globally. We are excited to close this transaction, and I look forward to continuing working with YS team to achieve the next series of milestones."

Business Combination Details We expect the Business Combination to deliver approximately $36 million of gross proceeds, which are expected to be used for, among others, the clinical development and future commercialization of PIKA® adjuvanted rabies vaccine and recombinant COVID-19 vaccine in multiple countries. Upon closing of the Business Combination, Mr. Bo Tan, the Chief Executive Officer, Co-Chief Investment Officer, and director of Summit, will join YS Biopharma's board of directors. The board of directors of YS Biopharma will consist of seven directors, including two current directors of YS Biopharma, Mr. Bo Tan, and four independent directors.

Advisors Wilson Sonsini Goodrich & Rosati, Jingtian & Gongcheng and Maples and Calder (Hong Kong) LLP are serving as legal advisors to YS Biopharma in connection with the Business Combination. Cooley LLP and Ogier are serving as legal advisors to Summit in connection with the Business Combination. Additional information about the closing of the Business Combination will be provided on a Current Report on Form 8-K to be filed by Summit with the Securities and Exchange Commission (the "SEC") and available at www.sec.gov.

About YS Biopharma YS Biopharma is a global biopharmaceutical company dedicated to discovering, developing, manufacturing and commercializing new generations of vaccines and therapeutic biologics for infectious diseases and cancer. It has developed a proprietary PIKA® immunomodulating technology platform and a series of preventive and therapeutic biologics targeting Rabies, Coronavirus, Hepatitis B, Influenza and Shingles. YS Biopharma operates in China, the United States, Singapore, the United Arab Emirates, and the Philippines with over 800 employees and is led by a management team that combines rich local expertise and global vision in the vaccine and pharmaceutical industry.

About Summit Healthcare Acquisition Corp. Summit Healthcare Acquisition Corp. is a blank check company sponsored by Summit Healthcare Acquisition Sponsor LLC, a Cayman Islands limited liability company, and formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Summit's units, Class A ordinary shares and warrants trade on the Nasdaq under the ticker symbols "SMIHU," "SMIH," and "SMIHW," respectively. SOURCE YS Biopharma

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