EVEREST MED (01952) enters into an asset purchase agreement with Jistar Pharmaceutical Hong Kong.

EVEREST MED (01952) 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. The buyer agreed to purchase and the seller agreed to sell the acquisition assets, at a maximum price of 50 million US dollars (approximately 345 million RMB); and the seller agreed to transfer and assign to the buyer, and the buyer agreed to accept, the rights, interests, claims, responsibilities, obligations, and liabilities (excluding certain excluded liabilities) under the transfer agreement in connection with the license agreement and several related ancillary agreements. According to the asset purchase agreement, the seller must irrevocably sell, transfer, convey, and deliver the following acquisition assets to the buyer, and the buyer must purchase and accept the following acquisition assets from the seller (or its affiliates), which must be free of any encumbrances (excluding certain permitted encumbrances), including: (a) owned by the seller; and certain intellectual property rights specifically related to the product in the relevant areas; (b) as of the delivery date, several inventories of raw materials, work-in-progress inventory, and finished goods inventory for the product, as well as the seller's rights to the related inventories. The product refers to any drug that delivers etripamil (as the sole active ingredient) through 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 an unsupervised environment (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 sudden, symptomatic, and severe episodes of rapid heart rate. Early termination of PSVT is an unmet medical need. Currently, there is no self-administered, fast-acting, non-injectable medication for the treatment of acute PSVT in China. The directors believe that the transaction arranged under the asset purchase agreement presents the best opportunity to maximize value for shareholders and global patients. This transaction is expected to allow the group to focus on developing other pipeline assets and seek additional opportunities to further expand its pharmaceutical pipeline. Furthermore, the proposed transaction under the asset purchase agreement aligns with the group's overall and long-term objectives, thereby maximizing the long-term interests of the company and its shareholders.