Shanghai Harvest Integrated Research Organization ("HiRO") is a clinical research organization (CRO) headquartered in Shanghai, China, in connection with the acquisition of Pharmaceutical Solutions (PharmaSols or PSL) companies in New Zealand and Australia. The 100% stake in the business has been formally signed in October 2021.

The acquisition negotiation lasted for 9 months, during which the two parties have cooperated on a number of projects and jointly won commercial and project bids. HiRO expects to complete full integration with PharmaSols within the next two months. Compared with general mergers and acquisitions, HiRO and PharmaSols do not have overlapping regional functions. HiRO will focus on the strategic growth of PharmaSols, so that all functional departments can complement each other and integrate.

PharmaSols has a long and strong track record in Australia and New Zealand and has continued to improve over the years. The Australia and New Zealand regions have many advantages from a clinical trial perspective. The region is home to some of the world's top researchers and medical experts, with world-class infrastructure. At the same time, the stable socio-political environment and high-level scientific research capabilities ensure the quality and scientificity of clinical research execution in Australia and New Zealand. At the same time, the simple and efficient approval process and high-quality data support in Australia and New Zealand make clinical trials (especially Phase I and Phase II clinical trials) in Australia and New Zealand more and more favored by biotechnology companies. It is worth mentioning that countries around the world have been affected by the COVID-19 outbreak for a long time, but we see that Australia and New Zealand are relatively less affected by COVID-19, so when countries around the world are adapting to the impact of the epidemic, Australia and New Zealand Clinical studies performed were also less affected. This also gives PharmaSols a unique advantage in conducting effective clinical trials. In addition, the Australian and New Zealand governments have provided a series of preferential policies for biotechnology companies. Through cooperation with PharmaSols, HiRO will help biotechnology companies to succeed in the Australian and New Zealand markets and provide more clinical research in the Asia-Pacific region. s Choice.

Although the current competition in the CRO field is becoming increasingly fierce, HiRO's unique advantages can help emerging innovative biotech companies start the strategy of Sino-US dual reporting, and can also help customers successfully complete the IND plan and subsequent follow-up by providing customers with comprehensive and in-depth binding cooperation. Clinical research goals. And with the addition of PharmaSols, HiRO has the ability to perform Phase I, II, III clinical studies and post-marketing studies in Australia and New Zealand. In addition, PharmaSols has an experienced registration team that can assist clients in formulating R&D strategies to take full advantage of the patient resources, medical expertise and operational excellence provided by Australia and New Zealand. HiRO understands that biotech companies in China, the United States and Europe need high-quality rapid phased clinical trials. By joining forces with PharmaSols, HiRO can provide access to multiple regulatory standards. At the same time, HiRO continues to perform well in commercial operations, and will continue to maintain its commitment to customers to bring safe and effective medical products to the market as soon as possible.

It is believed that through this acquisition, HiRO will quickly demonstrate its unique business capabilities, give full play to the advantages of an international team, and gradually establish its credibility and reputation in the wave of biomedical globalization that has already begun, and become a global new innovative biotechnology company. Provide the highest quality comprehensive and integrated services for clinical trials.