HK Stock Market Move | Everest Medical (01952) has opened nearly 5% higher, granting exclusive authorization to Travere for the development and commercialization of civorebrutinib

EVEREST MED (01952) surged nearly 5% at the opening, rising 4.71% to HK$31.12 by the time of writing, with a turnover of HK$2.2718 million. In terms of news, EVEREST MED announced that on June 2, 2026, its wholly-owned subsidiary Everest Medicines (Singapore) Pte. Ltd. (the Licensor) entered into an exclusive licensing and collaboration agreement with Travere Therapeutics, Inc. (Travere) (a company listed on the Nasdaq Global Market with the stock code "TVTX"). Under the agreement, the Licensor will grant Travere an exclusive, worldwide (excluding Greater China and certain countries in East Asia and Southeast Asia) license to develop and commercialize civorebrutinib (also known as EVER001). In accordance with the agreement and subject to its terms and conditions, the Licensor will receive an upfront payment of $112.5 million, and may be eligible to receive up to a total of $1.03 billion in development, regulatory, and commercial milestone payments for up to five indications, as well as tiered royalty payments based on future annual net sales thresholds (percentage ranging between high single digits to double digits). The transaction will occur upon the satisfaction of certain conditions precedent and regulatory procedures, with the final milestone payment amount achieved by the Licensor still remaining uncertain.