Everest Medicine: Enriched portfolio but core product facing stiff competition; cut PO; reiterate Neutral

研报英文原文证据摘录

Everest Medicine: Enriched portfolio but core product facing stiff competition; cut PO; reiterate Neutral

Collaboration deals summary

Exhibit 1: Key collaboration deals announced recently

On 16th Jun, Everest obtained exclusive rights on DMX-200 from Dimerix.

Treatment Upfront

Time Molecule Partner area Indication Development stage Collaboration region payment Milestone and others

License in

16-Jun DMX-200 Dimerix nephrology FSGS Phase 3 Greater China, South Korea and US$10mn Development and regulatory

(CCR2) certain Southeast Asian countries milestone up to US$30mn; sales

milestone up to US$300mn; 10-15%

tiered royalties

9-Jun Sumecigrel Jiangsu Vcare cardiovascular Treatment and NDA preparation Asia-Pacific region (Southeast RMB20mn Milestone payments and commercial

(P2Y12 receptor prevention of Asia, South Korea, Australia, Hong supply procurement

antagonist) atherothrombotic Kong SAR, Macao SAR, and

events Taiwan)

8-Jun LNZ100 (1.44% Corxel ophthalmology presbyopia Approved in the US; Greater China NA NA

aceclidine) NDA submitted in Sep

2025 in China

4-Jun MIL62 (anti- Mabworks nephrology/aut NMOSD, PMN, NMOSD approved in Asia-Pacific region (Southeast RMB23mn Milestone payments up to

CD20 mAb) oimmune SLE, FL China; PMN under Asia, India, South Korea, Australia, RMB186mn

Priority Review New Zealand, Hong Kong SAR,

Macao SAR, and Taiwan)

23-Mar CARDAMYST Corxel cardiovascular PSVT, AFib-RVR PSVT indication NDA Greater China US$30mn Development milestone payment up

(etripamil) accepted on Jan 2025, to US$20mn

expect approval in

3Q26

License out

2-Jun EVER001 (BTK) Travere nephrology PMN, FSGS, MCD, etc. Outside China and certain US$112.5mn Up to around US$1.03bn milestone

Therapeutics countries in East and Southeast payment; high single-digit to double-