EVEREST MED (01952) has announced the signing of a letter of intent with Hasten Biopharmaceuticals (Asia) Limited concerning the potential acquisition of the entire equity interest in Hasten Biopharmaceuticals (SG) Pte. Ltd., a wholly-owned subsidiary of the seller. The target company is incorporated in Singapore and primarily engages in the commercialization of prescription drugs with a strategic focus on chronic diseases and critical illnesses, particularly in the cardiovascular and metabolic sectors. It holds asset rights, including Marketing Authorization Holder (MAH) rights, trademarks, and extensive commercialization rights, for 14 branded products in the chronic disease area across multiple Asia-Pacific countries and regions.
EVEREST MED is a biopharmaceutical company focused on the development, manufacturing, and commercialization of innovative drugs and vaccines, aiming to address unmet medical needs in the Asian market. The group has been actively seeking suitable investment opportunities to acquire pharmaceutical companies in the Asia-Pacific region with promising prospects and potential for stable returns. The target company possesses commercialization rights for 14 branded chronic disease products across various Asia-Pacific markets and has established an innovative pan-Asia-Pacific commercialization platform capable of delivering value to millions of patients in the region.
Southeast Asia, with a population of approximately 600 million, presents significant potential in the chronic disease management market and substantial unmet needs in this area. EVEREST MED's pipeline also focuses on chronic disease treatment fields such as cardiovascular, renal, and metabolic (CKM) diseases, indicating high potential for efficient synergy and mutual enhancement with the target company's products and commercialization platform.
Over the past three years, the group has established a leading commercialization platform for innovative chronic disease drugs in China, with its renal product Nefecon® as a key offering, and aspires to become a benchmark for innovative drug commercialization in the Asia-Pacific region and a leading global biopharmaceutical company. The group's existing commercial products, including Nefecon®, are progressively obtaining New Drug Application (NDA) approvals in Asian territories outside mainland China and gaining inclusion in local medical insurance schemes.
If the acquisition is successfully completed, it would represent a critical step in the group's global strategic expansion. This move is expected to facilitate the rapid overseas commercialization of existing products, leading to accelerated growth in international sales revenue, and enable the rapid expansion of its international commercial footprint. Consequently, the board believes that the potential acquisition will complement the group's existing product pipeline, further expand its business scale in the Asia-Pacific region, and thereby enhance returns for the company's shareholders.