Everest Medicines terminates vaccine deal with Providence Therapeutics   

CHINA— HKEX-listed biopharmaceutical company Everest Medicines has unveiled its decision to terminate its partnership and licensing agreements with Providence Therapeutics for the development of products utilizing its mRNA platform. 

This strategic move grants Everest full ownership of intellectual property rights and worldwide rights for these products, marking a significant shift in its development strategy. 

The latest development aims to bolster Everest’s flexibility in aligning product development with its strategic objectives. 

As a result, Everest will retain complete rights to all intellectual property previously provided, transferred, or made available by Providence before the effective date of termination. 

However, Everest remains obligated for milestone and royalty fees pertaining to any rabies or shingles vaccines developed in collaboration with Providence. 

The partnership between Everest and Providence, initiated in September 2021, was a strategic cooperation agreement aimed at advancing the development of mRNA vaccines and therapies. 

Initially, the agreement granted Everest licensing rights for Providence’s mRNA Covid-19 vaccine candidates in various Asian emerging markets, including Greater China, Southeast Asia, and Pakistan. 

Additionally, the partnership sought to establish a global strategic alliance to develop mRNA products using Providence’s advanced technology platform. 

Following the termination, Everest is no longer subject to potential equity milestone obligations outlined in the previous agreement. However, Everest is obligated to pay Providence US$4 million as part of the termination process. 

In a separate development, in December of last year, the Taiwan Food and Drug Administration accepted Everest’s new drug application for Nefecon, a treatment for primary immunoglobulin A nephropathy in adults. 

Nefecon, already approved for this condition in the US, European Union, and mainland China, is anticipated to receive approval in Taiwan this year. 

“Following our recent NDA approval for Nefecon in China and NDA acceptance in South Korea, we are pleased to announce that we have quickly expanded to another one of our territories with NDA acceptance in Taiwan,” said Rogers Yongqing Luo, chief executive officer of Everest Medicines at the time. 

“The Asian population has high prevalence of IgAN and significant risk of progression to end-stage renal diseases. 

“We look forward to the opportunity of offering Nefecon to patients throughout Asia including Singapore, Hong Kong, Taiwan and South Korea in 2024, as well as to the five million IgAN patients in China.”  

Everest boasts a diversified portfolio comprising molecules targeting therapeutic areas such as renal ailments, infectious diseases, and autoimmune disorders, reinforcing its commitment to addressing critical medical needs across various health domains.