SHANGHAI, March 27, 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, announced today that it 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 certain Asia territories. Everest has also received $34 million reimbursement for expenses related to the Trodelvy transition.
"With the full upfront payment and other reimbursement from Gilead, we now have an even stronger balance sheet to advance development of products in our core therapeutic areas including the two blockbuster drugs, Nefecon and Xerava, expected to be commercialized in China later this year," said Ian Woo, President and Chief Financial Officer of Everest Medicines. "We will also utilize our resources to drive internal R&D as well as strategic business development."
Under the agreement reached with Immunomedics in August 2022, Everest is entitled to receive up to $455 million in total considerations with $280 million in upfront payments and up to $175 million in potential future milestone payments.
The company has approximately $430 million in pro forma cash and is expected to make the transition from a clinical-stage biotech to a fully-integrated biopharma this year with key milestones anticipated in core therapeutic areas of focus including renal disease, mRNA platform, and infectious diseases.
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.
