SHANGHAI, March 13, 2023 /PRNewswire/ -- Everest Medicines (HKEX 1952.HK), a biopharmaceutical company focused on developing, manufacturing and commercializing transformative pharmaceutical products and vaccines in Greater China and other parts of Asia, would like to announce that it considers its exposure to any liquidity concerns at Silicon Valley Bank (SVB) to be immaterial. The company's cash held at SVB is substantially less than 1% of its total cash balance, and amounts not covered by the Federal Deposit Insurance Corporation (FDIC) is approximately $1 million.
The company expects to recover most of the cash on deposit at SVB through a combination of FDIC insurance coverage and other compensation actions. Everest Medicines has received full upfront payment of $280 million from Immunomedics, Inc., a wholly-owned subsidiary of Gilead Sciences, Inc., for the transaction around Trodelvy® rights in Asia territories, and none of the upfront payment is deposited at SVB.
Everest Medicines has a strong balance sheet of approximately $430 million of cash. The Company adopts a robust process to diversify assets across multiple financial institutions and believes that the situation at SVB has minimal impact on the company's business.
About Everest Medicines
Everest Medicines is a biopharmaceutical company focused on developing, manufacturing and commercializing transformative pharmaceutical products and vaccines that address critical unmet medical needs for patients in Asian markets. The management team of Everest Medicines has deep expertise and an extensive track record from both leading global pharmaceutical companies and local Chinese pharmaceutical companies in high-quality discovery, clinical development, regulatory affairs, CMC, business development, and operations. Everest Medicines has built a portfolio of potentially global first-in-class or best-in-class molecules in the company's core therapeutic areas of renal diseases, infectious diseases and autoimmune disorders. For more information, please visit its website at (www.everestmedicines.com).
Forward-Looking Statements
This news release may make statements that constitute forward-looking statements, including descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to the business operations and financial condition of the Company, which can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, or other factors, some of which are beyond the control of the Company and are unforeseeable. Therefore, the actual results may differ from those in the forward-looking statements as a result of various factors and assumptions, such as future changes and developments in our business, competitive environment, political, economic, legal and social conditions. The Company or any of its affiliates, directors, officers, advisors or representatives has no obligation and does not undertake to revise forward-looking statements to reflect new information, future events or circumstances after the date of this news release, except as required by law.
