Sagimet Biosciences Inc. announced on March 20, 2024, the board of directors of the Company approved the expansion of the Board from seven directors to nine directors and the appointment of each of Tim Walbert and Paul Hoelscher to serve as directors of the Board, in each case effective as of April 1, 2024 (the Effective Date), filling the vacancy created by such increase. Each of Mr. Walbert and Mr. Hoelscher will serve as a Class I director with a term expiring at the Company?s 2024 Annual Meeting of Stockholders or until his successor is duly elected and qualified or until his earlier resignation, death or removal. As of the Effective Date, Mr. Walbert will serve as a member of each of the Audit Committee of the Board and Compensation Committee of the Board and Mr. Hoelscher will serve as a member and chair of the Audit Committee of the Board.

Mr. Walbert, 57, has served as a senior advisor to Amgen Inc. since October 2023. Mr. Walbert was chairman, president and chief executive officer of Horizon Therapeutics plc, from June 2008 to October 2023, when it was acquired by Amgen for $28 billion. Before joining Horizon, he was president, chief executive officer and director of IDM Pharma Inc., which was acquired by Takeda in June 2009.

Before IDM, Mr. Walbert served as executive vice president, commercial operations at NeoPharm Inc. From 2001 to 2005, he was divisional vice president and general manager, immunology, at Abbott Laboratories, now AbbVie Inc., leading the global development and launch of the multi-indication biologic HUMIRA, and served as divisional vice president, global cardiovascular strategy. From 1998 to 2001, Mr. Walbert served as director, CELEBREX North America, and Arthritis Team Leader, Asia Pacific, Latin America and Canada, at G.D. Searle & Company. From 1991 to 1998, he also held sales and marketing roles with increasing responsibility at G.D. Searle, Merck & Co.

Inc. and Wyeth. He serves on the boards of Mirum Pharmaceuticals, Inc., and Century Therapeutics, Inc. He is also a member of the National Organization for Rare Disorders Advisory Board, the Wall Street Journal CEO Council, the cNBC CEO Council and serves on the Board of Trustees of Muhlenberg College. He previously served on the board of directors for Aurinia Pharmaceuticals Inc., from 2020 to 2022; Exicure, Inc., from 2019 to 2022; Assertio Therapeutics, Inc., from 2014 to 2020; Raptor Pharmaceutical Corp., from 2010 to 2014; XOMA Corporation, from 2011 to 2017; and Sucampo Pharmaceuticals Inc., from 2016 to 2018.

He is also a member of Economic Club of Chicago, the Commercial Club of Chicago and the Civic Committee of the Commercial Club of Chicago. Mr. Walbert was a previous board member of the Biotechnology Innovation Organization, the Pharmaceutical Research and Manufacturing Association, the Illinois Biotechnology Innovation Organization and World Business Chicago. Mr. Walbert received a Bachelor of Arts in business from Muhlenberg College in Allentown, PA.

Mr. Hoelscher, 59, served as executive vice president and chief financial officer of Horizon from 2014 until his retirement in May 2022, overseeing all aspects of Horizon?s financial operations. Prior to joining Horizon, Mr. Hoelscher held financial executive positions at OfficeMax, Inc., from 2012 to 2014, including serving as senior vice president, finance ? treasury and corporate development and co-leading the integration of OfficeMax and Office Depot Inc. Previously, Mr. Hoelscher held various financial leadership roles of increasing responsibility over nineteen years at Alberto Culver Company, and worked in the audit practice of KPMG LLP for seven years.

Mr. Hoelscher received his B.S. in accountancy from the University of Illinois at Urbana-Champaign and is a certified public accountant. Mr. Hoelscher serves on the board and is audit committee chair of Reneo Pharmaceuticals, Inc, and served on the board of trustees of the Illinois Region of The Leukemia & Lymphoma Society from 2007 to 2022, including two terms as board chair. Also, on March 20, 2024, Richard Rodgers and Jinzi Wu, Ph.D., current members of the Board, notified the Board that they will not stand for re-election at the Company?s Annual Meeting, currently scheduled to be held on June 5, 2024.

Mr. Richards and Dr. Wu will continue to serve as directors until the Annual Meeting and their decisions not to stand for re-election were not the result of any disagreement with the Company on any matters relating to the Company?s operations, policies or practices. In addition, effective as of the Effective Date, Mr. Rodgers will step down from the Compensation Committee of the Board and as chair of the Audit Committee of the Board. Mr. Rodgers will continue as a member of the Audit Committee until the end of his term.