Everest Medicines clinches Greater China rights for CARDAMYST nasal spray

This strengthens Everest’s move to expand its cardiovascular franchise.

Everest Medicines has agreed with Corxel Pharmaceuticals Hong Kong Limited (CORXEL) to develop, manufacture, and commercialise CARDAMYST™ (etripamil) nasal spray in Greater China.

Under the terms of the agreement, Everest will make CORXEL an upfront payment of $234.88m (US$30m), as well as potential development milestone payments of up to $156.59m (US$20m).

CARDAMYSTTM (etripamil) portable nasal spray is a novel, rapid-acting calcium channel blocker with a potential for at-home self-administration.

It is capable of converting paroxysmal supraventricular tachycardia (PSVT)—a sudden, unexpected and often severely symptomatic episode of rapid heart rate—to sinus rhythm in adults.

Approximately 2.3 to 4 per 1,000 individuals are affected by PSVT, representing an estimated 3-6 million patients in China.

The company said this transaction further strengthens Everest’s expanding cardiovascular franchise.

($1=US$0.128)