Everest MED (01952) has announced that on March 23, 2026, the buyer, a wholly-owned subsidiary of the company, entered into an asset purchase agreement with the seller, Jixing Pharmaceutical Hong Kong. Under the agreement, the buyer agreed to acquire, and the seller agreed to sell, the target assets for a maximum consideration of $50 million, equivalent to approximately RMB 345 million.
Additionally, the seller agreed to assign and transfer to the buyer its rights, interests, claims, duties, obligations, and responsibilities under the License Agreement and certain related ancillary agreements concerning the assignment, excluding certain specified excluded liabilities.
Pursuant to the asset purchase agreement, the seller is required to irrevocably sell, transfer, assign, and deliver the following assets to the buyer, free from any encumbrances except for certain permitted ones. The assets include: (a) certain intellectual property owned by the seller that specifically relates to the product in the relevant field within the designated territory; and (b) as of the closing date, certain inventories of raw materials, work-in-progress, and finished goods for the product, along with all of the seller's usage rights associated with these inventories.
The product refers to any pharmaceutical formulation containing etripamil as the sole active ingredient delivered via a nasal spray device. Etripamil is a rapid-acting non-dihydropyridine L-type calcium channel blocker developed by Milestone Pharmaceuticals (NASDAQ: MIST) for the treatment of PSVT and other arrhythmias. Patients can self-administer etripamil nasal spray in unsupervised settings, such as at home, to rapidly terminate acute PSVT episodes. PSVT is a condition characterized by abnormalities in the heart's electrical system, leading to unexpected and severely symptomatic tachycardia. Early termination of PSVT represents an unmet medical need. Currently, there are no self-administered, rapid-acting, non-injectable drugs available in China for treating acute PSVT.
The Board of Directors believes the transaction arranged under the asset purchase agreement presents the best opportunity to maximize value for shareholders and patients globally. The transaction is expected to enable the Group to focus on developing other pipeline assets and seek further opportunities to expand its existing drug portfolio. Furthermore, the proposed transaction under the asset purchase agreement aligns with the Group's overall long-term objectives, thereby safeguarding the long-term interests of the company and its shareholders to the greatest extent possible.