{"id":20408,"date":"2023-03-27T12:25:00","date_gmt":"2023-03-27T04:25:00","guid":{"rendered":"https:\/\/flcube.com\/?p=20408"},"modified":"2025-01-01T12:37:13","modified_gmt":"2025-01-01T04:37:13","slug":"everest-medicines-receives-280-million-from-gilead-sciences-for-partnership-cancellation","status":"publish","type":"post","link":"https:\/\/flcube.com\/?p=20408","title":{"rendered":"Everest Medicines Receives $280 Million from Gilead Sciences for Partnership Cancellation"},"content":{"rendered":"\n

China-based Everest Medicines (HKG: 1952<\/a>) has announced that it has received a full upfront payment of USD 280 million from Immunomedics, Inc., now a wholly-owned subsidiary of Gilead Sciences, Inc (NASDAQ: GILD<\/a>). This payment is in relation to the cancellation of a previous 2019 partnership between the two firms, which focused on the rights to Trodelvy (sacituzumab govitecan) in certain Asia territories. Additionally, Everest has received USD 34 million in reimbursements for expenses related to the Trodelvy transition.<\/p>\n\n\n\n

Background on the 2019 Deal and Subsequent Cancellation<\/strong>
Everest secured rights to develop Immunomedics’ Trodelvy in Asian markets through an April 2019 deal valued at nearly USD 800 million. This included a USD 65 million upfront payment and an additional USD 60 million upon US FDA approval for Trodelvy in metastatic triple-negative breast cancer, which Immunomedics achieved in 2021. Following Gilead’s USD 21 billion acquisition of Immunomedics in October 2020, the 2019 deal was cancelled in August 2022. Gilead\/Immunomedics promised USD 280 million upfront, as well as a further USD 175 million in future milestone-related payouts as compensation.<\/p>\n\n\n\n

Implications for Everest Medicines’ Financial Position and Pipeline Development<\/strong>
With this payment, Everest has approximately USD 430 million in pro forma cash, which is expected to provide support for the firm’s other pipeline developments. The company anticipates upcoming key milestones in its core therapeutic areas, including renal disease, an mRNA platform, and infectious diseases.-Fineline Info & Tech<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

China-based Everest Medicines (HKG: 1952) has announced that it has received a full upfront payment…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"googlesitekit_rrm_CAownpewDA:productID":"","_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[7,10],"tags":[30,126,226,1164,3014,1025],"class_list":["post-20408","post","type-post","status-publish","format-standard","hentry","category-company","category-deals","tag-biotech","tag-everest-medicines","tag-gilead-sciences","tag-hkg-1952","tag-immunomedics","tag-nasdaq-gild"],"yoast_head":"\nEverest Medicines Receives $280 Million from Gilead Sciences for Partnership Cancellation - Insight, China's Pharmaceutical Industry<\/title>\n<meta name=\"description\" content=\"China-based Everest Medicines (HKG: 1952) has announced that it has received a full upfront payment of USD 280 million from Immunomedics, Inc., now a wholly-owned subsidiary of Gilead Sciences, Inc. 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