Everest Medicines (HKG: 1952), a biopharmaceutical company based in China, has announced the termination of a cooperation and licensing agreement with Providence Therapeutics (PTx), a Canadian RNA medicines company. Following the termination, Everest Medicines will independently continue the development of preventative and therapeutic mRNA products using the mRNA platform, holding all intellectual property rights and global rights to these developments.
Everest Medicines will retain all intellectual property rights that were previously transferred from PTx prior to the agreement’s termination. Except for the rabies vaccine and herpes zoster vaccine, which were jointly developed with PTx, Everest Medicines will not be obligated to pay milestone fees or royalties for any other mRNA products it develops in the future.
The initial partnership with PTx was established in September 2021, through which Everest Medicines obtained rights to PTx’s mRNA COVID-19 vaccine in multiple countries, global rights to two other preventative or therapeutic products, and co-development and commercialization rights to an mRNA rabies vaccine. Post-cancellation, Everest Medicines is relieved of any further equity milestone payments but will make a one-time payment of USD 4 million.- Flcube.com
