Modern Slavery Statement

This statement applies to all companies within the SERB Pharmaceuticals group (hereafter referred to as the Group), and forms part of our commitment the UN Global Compact and it particular the Human Rights elements of the UN Global Compact.

Our two UK Group Companies Protherics Medicines Development Limited and Perseus Bidco UK Limited, both have specific legal responsibilities in accordance with Section 54(1) of the Modern Slavery Act 2015. This statement is prepared for the purpose of complying with the Modern Slavery Act 2015 for the financial year ending December 31, 2023, and reflects our broader commitment to the UN Global Compact.

1. Organisation structure and supply chains

The Group provide rescue medicines typically used in emergency rooms and intensive care units to treat patients for whom there are limited treatment options. We are dedicated to delivering quality medicines that make a real difference to patients and their families through the development, manufacture, and commercialization of pharmaceutical products. The Company is actively researching new uses for our products and seek opportunities to license or acquire additional products that enable specialist physicians to serve their patients better.

2. Policies in relation to slavery and human trafficking

The Group is committed to ensuring that there is no modern slavery or human trafficking in our business or our supply chains.

The following policies set down our approach to the identification of modern slavery risks and steps to be taken to prevent slavery and human trafficking in our operations:

2.1 Whistleblowing policy

The Company encourages all its employees, customers, and other business partners to report to the Chief Compliance Officer, any concerns related to its direct activities or its supply chains.

2.2 Code of Conduct

The Code of Conduct sets down the actions and behavior expected of employees, customers and contractual partners and sets out guidelines encouraging the contribution to sustainable economic and social development.

3.  Due diligence processes

The Group undertakes due diligence when considering taking on new suppliers, and regularly reviews its existing suppliers. The Group’s due diligence process includes building long-standing relationships with suppliers and making clear our expectations of business partners and evaluating the modern slavery and human trafficking risks of each new supplier and invoking sanctions against suppliers in the event of non-compliance with the Group’s policies, including the termination of the business relationship.

4. Risk assessment and management

The Group takes its responsibility to protect Human Rights very seriously and is committed to acting in accordance with the values and standards set forth in the Code of Conduct in relation to our own business and operating systems. The Code of Conduct describes our commitment to the UN Global Compact on Sustainable Development and Human Rights and our expectation that suppliers also support the UN Global Compact.

We define our supply chain as any anything that is essential to ensure the safety and efficacy of our products. Although not itself a guarantee of compliance, suppliers currently in this category are based in countries with strict labor laws, lower risk of modern slavery, and active government efforts to abolish modern slavery in supply chains.

5. Key performance indicators to measure effectiveness of steps being taken

The Group expect high standards from its suppliers, contractors, and business partners. Prospective partners are required to verify their ethical practices as part of an initial screening process. New partners are also required to complete an assessment verifying their ethical practices, assurance of compliance with international standards for Human Rights, and steps taken to eliminate all forms of forced and compulsory labor from companies in its supply chain. Where a partner cannot provide the assurance of their ethical practices, the Group will work with that partner to help improve practices in that area, before ultimately reviewing the use of that supplier going forward.

Suppliers of goods and services to our supply chain are subject to audits from our Quality Assurance function. If it became apparent that any of our business partners had slavery issues, we would review our business relationship with that partner and if unable to resolve the issue to our satisfaction, we would terminate our relationship with that business partner.

6. Training on modern slavery and trafficking

Our Code of Conduct sets out how employees are expected to behave and the culture of respect and dignity which are the bedrock of our corporate values. As part of that Code of Conduct we encourage all employees to report any concerns relating to any part of that business, that is at odds with our ethics and standards. We retrain all our employees annually on our Code of Conduct. All appropriate staff are provided with information, instruction, and training to raise awareness of the responsibilities under the Modern Slavery Act and those directly responsible for the selection of new suppliers and on-going management of existing supplier relations are required to act in accordance with the Modern Slavery Act’s requirements. The Group is committed to investigating and dealing with all concerns in an open and honest manner and protects those raising concerns. Employees and partners can report concerns in a variety of ways, including via a confidential whistleblowing helpline. Any concern raised will be investigated with any outcome and actions reported back to the person or organisation raising concerns.

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