HK Stock Market Move | Everest Med(01952) rose more than 5% in early trading and obtained the rights to develop and commercialize the inhibitor DMX-200 in multiple countries.

Everest MED (01952) rose more than 5% in the morning session. As of the time of writing, it had increased by 4.18%, reaching 27.4 Hong Kong dollars, with a turnover of 47.8047 million Hong Kong dollars. In terms of news, Everest MED announced that it has reached an exclusive licensing agreement with the Australian listed company Dimerix Limited to obtain the clinical development and commercialization rights of the innovative drug DMX-200 in Greater China, South Korea, as well as in several Southeast Asian countries including Singapore, Malaysia, and Thailand. It is reported that DMX-200 is a small molecule inhibitor of the chemokine receptor 2 (CCR2) and has been granted orphan drug designation by the FDA and EMA. According to the agreement signed by both parties, Everest MED is required to pay Dimerix a $10 million upfront payment and bear up to $30 million in development and regulatory milestone payments, a maximum of $300 million in sales milestone payments, and also pay a tiered royalty fee of 10% to 15% based on the annual net sales of DMX-200 in the authorized regions. The comprehensive partnership terms clearly delineate the rights, responsibilities, and profit-sharing model of both parties.