JSR Life Sciences Enters Definitive Agreement to Transfer Crown Bioscience to Adicon Holdings Limited

Strategic Transaction Positions Crown Bioscience for Accelerated Growth in Translational Oncology

JSR Life Sciences LLC ("JSR Life Sciences"), a global leader in life sciences materials and services, today announced it has entered into a definitive agreement to transfer Crown Bioscience Inc. ("Crown Bioscience") to Adicon Holdings Limited ("Adicon"), a premier independent clinical laboratory provider in China and a portfolio company of The Carlyle Group. The transaction, subject to customary closing conditions, is expected to close in 2026.

This strategic move will enable Crown Bioscience to operate as a standalone entity under Adicon's ownership. Crown Bioscience's comprehensive portfolio of translational oncology services, including its world-leading patient-derived xenograft (PDX) models, tumor organoid platforms, immuno-oncology assays, and bioinformatics solutions, will transition to Adicon, positioning the company to accelerate advancements in precision medicine and drug discovery for oncology.

Crown Bioscience's Global Biospecimens business, headquartered in Hamburg, Germany, with facilities in Frederick, MD, will remain fully integrated within JSR Life Sciences. The Biospecimens team will continue to benefit from JSR's robust global resources, innovation ecosystem, and focus on ethical sourcing, custom procurement, and advanced sample processing and storage capabilities.

"After careful strategic review, we believe this transaction represents an optimal path forward for both Crown Bioscience and JSR Life Sciences," said Tim Lowery, President and CEO of JSR Life Sciences. "Adicon's deep domain expertise and financial backing from The Carlyle Group will empower Crown to scale its groundbreaking oncology services to new heights. As part of our long-standing onshore strategy, Crown remains firmly committed to serving clients through its global network of facilities, including its headquarters in San Diego and recent investments in the US and Europe. Initiatives like the launch of new Model Development Center in North Carolina and the expansion of biomarker and imaging capabilities in the UK ensure that customers have access to the same exceptional Crown experience, no matter where they choose to conduct their study."

Adicon, recognized as one of China's largest independent clinical laboratory service providers, brings complementary strengths in high-throughput testing and data analytics to the partnership. Backed by global investment firm Carlyle’s extensive network and resources in healthcare and life sciences industry, Adicon is well-positioned to support Crown Bioscience's growth trajectory.

Ms. Yang Ling, Chairwoman of Adicon and Head of Asia Healthcare at Carlyle, commented, “This acquisition represents an important milestone in Adicon’s growth journey. With Crown Bioscience’s world-class CRO capabilities, Adicon is expanding its reach across the global healthcare value chain– from clinical diagnostics to drug discovery and translational research. This transaction reinforces Adicon’s vision to become a trusted partner for biopharma innovation and precision diagnostics.”

Until the transaction closes, Crown Bioscience will continue to operate as a wholly owned subsidiary of JSR Life Sciences, with no anticipated disruptions to ongoing services, projects, or customer relationships. JSR and Adicon are committed to a smooth transition, maintaining the highest standards of quality, compliance, and innovation across all operations.

About JSR Life Sciences LLC

JSR Life Sciences LLC is a division of JSR Corporation, a Tokyo-based global leader in high-performance materials for life sciences, electronics, and other industries. With a focus on enabling breakthroughs in precision medicine, JSR Life Sciences delivers innovative solutions in cell culture, bioseparation, and bioprocessing, supporting customers from research to commercialization. For more information, visit www.jsrlifesciences.com.

About Crown Bioscience Inc.

Crown Bioscience, a JSR Life Sciences company and global CRO, specializes in oncology and immuno-oncology drug discovery and development. We partner with biotech and pharmaceutical companies to provide innovative, tailored solutions spanning preclinical research, translational platforms, and clinical trial support. With over 1000 tumor organoid models and the largest commercially available PDX collection, our expertise spans in vivo, in vitro, ex vivo, and in silico methods. We operate in multiple facilities across the US, Europe, and APAC, meeting the highest industry standards, including accreditation by the College of American Pathologists (CAP) and the International Organization for Standardization (ISO).

To learn more, visit www.crownbio.com.

About Adicon

Adicon Holdings Limited (HKEX: 9860.HK) is one of China’s leading independent clinical laboratory service providers, offering comprehensive diagnostic testing services primarily to hospitals, health check centers and biopharmaceuticals through an integrated network of self-operated laboratories across the country. The company provides a broad testing portfolio covering routine and esoteric tests across multiple disease areas, supported by internationally accredited laboratories that meet ISO15189 standards. With a proven track record of operational excellence, national coverage, and strong quality assurance, Adicon has established itself as a trusted partner to healthcare institutions and professionals, contributing to the advancement of precision diagnostics and improved healthcare outcomes in China.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that could cause actual results to differ materially, including but not limited to regulatory approvals, market conditions, and integration challenges. For a discussion of these risks, please refer to the companies' filings with relevant regulatory authorities.

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