FOSTER CITY (dpa-AFX) - Everest Medicines said that it has received full upfront payment of $280 million from Immunomedics Inc., a wholly-owned subsidiary of Gilead Sciences Inc. (GILD), for the transaction around Trodelvy rights in certain Asia territories.
Everest has also received $34 million reimbursement for expenses related to the Trodelvy transition.
As per the terms of the deal 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.
Everest Medicines noted that it has about $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.
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