Ascletis Believes that the Complaints Made by Viking Therapeutics Have No Merit and will Vigorously Defend Against such Complaints

Hangzhou and Shaoxing, China, January 2, 2023--Ascletis Pharma Inc. (HKEX: 1672, “Ascletis”) was recently informed that on December 29, 2022, Viking Therapeutics, Inc. (“Viking”), a pharmaceutical company in the United States, filed certain complaints against Ascletis, its founder Dr. Jinzi Jason WU and certain subsidiaries of Ascletis in connection with the drug candidates ASC41 and ASC43F. One complaint was made with the United States International Trade Commission, Washington D.C. and another complaint was made with the United States District Court, Southern District of California, San Diego Division, each covering similar allegations (collectively, the “Complaints”). As of the date of this news, Viking has not yet served the Complaints on Ascletis or raised the relevant allegations with Ascletis before filing of the Complaints.

From the publicly available allegations of Viking set out in the Complaints, Ascletis believes that such allegations have no merit and will vigorously defend against the Complaints. ASC41 is an in-house developed oral tablet using Ascletis’ own technologies and targeting thyroid hormone receptor beta (THRβ) for the treatment of non-alcoholic steatohepatitis (NASH); ASC43F is an in-house developed fixed-dose combination (FDC) oral tablet using Ascletis’ own technologies and with dual targets of THRβ and farnesoid X receptor (FXR) for the treatment of NASH.

Ascletis will closely monitor the above legal proceedings, while the business and operations of Ascletis and its subsidiaries remain as usual and normal.