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
Everest is obligated to pay $4m upon termination of the agreement. (Credit: National Cancer Institute on Unsplash)
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.
Source: Company Press Release