-Everest will continue to develop self-discovered products utilizing the mRNA platform-
SHANGHAI, Feb. 18, 2024 /PRNewswire/ -- Everest Medicines (HKEX 1952.HK, "Everest", or the "Company"), a biopharmaceutical company focused on the development, manufacturing and commercialization of innovative medicines and vaccines, announced today that it will terminate the collaboration and license agreements with Providence Therapeutics Holdings Inc. After the termination of the agreements, Everest will continue to develop its own products utilizing the mRNA platform, and will own full intellectual property rights and full global rights of those products.
After the termination of the agreements, Everest will have full rights to all intellectual property rights provided, transferred, or made available by Providence to the Company prior to the effective date, and will have more flexibility going forward to develop products based on company strategy and goals. Everest will not need to pay milestone or royalty fees for products it develops in the future, except for the rabies or shingles vaccines which were developed in collaboration with Providence.
In September 2021, Everest Medicines reached a comprehensive strategic cooperation agreement with Providence to advance the development of mRNA vaccines and therapies. After the termination, all potential equity milestone obligations Everest held under the previous agreement will be cancelled. Everest is obligated to pay $4 million upon termination of the agreement.
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.
SOURCE Everest Medicines
