Ariel International Fund on Pharmaron Beijing Co., Ltd.

Ariel expects Pharmaron to benefit from China's growing role in global biopharma innovation and the increasing externalization of drug discovery and development by large pharmaceutical companies. Pharmaron's integrated platform across discovery, development and manufacturing allows it to capture value across the drug lifecycle as Chinese biotechs gain share through lower costs and faster development timelines. Improving orders, stronger growth visibility and operating leverage to a strengthening innovation cycle support the fund's long-term thesis.