Today, Everest Medicines (HKEX 1952.HK) – a biopharmaceutical company focused on transforming the pharmaceutical landscape in Greater China and beyond – has announced a huge milestone in its history: an upfront payment of $280 million from Immunomedics, Inc., a wholly-owned subsidiary of Gilead Sciences, Inc., for the rights to Trodelvy® in certain Asia territories.
To top it off, Everest has also received a $34 million reimbursement for related transition expenses. This marks a major achievement for the company, as it furthers its mission to deliver life-changing treatments to those living in Asia.
Everest Medicines is now even more well-equipped to advance its product development in its core therapeutic areas with the full upfront payment and other reimbursement from Gilead. This includes the two blockbuster drugs, Nefecon and Xerava, which are anticipated to be available in China later this year. Furthermore, Everest Medicines is set to use its newfound resources to push further into internal R&D and strategic business development.
This year, the company is set to make a major shift from a clinical-stage biotech to a fully-integrated biopharma, with a pro forma cash balance of around $430 million and key milestones anticipated in core therapeutic areas of focus, including renal disease, mRNA platform, and infectious diseases. This transition marks an exciting new era for the company, offering new opportunities and potential breakthroughs in healthcare.
About Everest Medicines
Everest Medicines is a biopharmaceutical company on a mission to revolutionize the healthcare industry by developing, manufacturing, and commercializing cutting-edge pharmaceutical products and vaccines that meet the unmet medical needs of patients in Asian markets.
Our experienced management team brings together deep expertise from both leading global pharmaceutical companies and local Chinese companies, giving us the knowledge and expertise to discover, develop, and regulate high-quality products.
Our portfolio includes potentially groundbreaking products in our core therapeutic areas of renal diseases, infectious diseases, and autoimmune disorders. We’re here to make a difference in the lives of patients everywhere.