This decision grants Everest the full ownership of intellectual property rights and worldwide rights for these products.
The latest development is aimed at enhancing Everest’s flexibility in aligning product development with its strategic objectives.
Everest will retain complete rights to all intellectual property previously provided, transferred, or made available by Providence before the effective date of the termination.
However, Everest will still be responsible for milestone and royalty fees for any rabies or shingles vaccines developed in partnership with Providence.
Everest and Providence signed a strategic cooperation agreement in September 2021 to propel the development of mRNA vaccines and therapies.
The agreement initially granted Everest license rights for Providence’s mRNA Covid-19 vaccine candidates in various Asian emerging markets, including Greater China, Southeast Asia, and Pakistan.
The partnership was also aimed at fostering a global strategic alliance to create mRNA products using Providence’s advanced technology platform.
Following the termination, Everest will no longer be subject to potential equity milestone obligations outlined in the previous agreement. Nevertheless, Everest is required to pay Providence $4m as part of the termination process.
In December last year, the Taiwan Food and Drug Administration accepted Everest’s new drug application for Nefecon, a treatment for primary immunoglobulin A nephropathy in adults.
Nefecon is approved to treat this condition in the US, European Union, and mainland China.
Everest anticipates receiving approval for Nefecon in Taiwan this year.
Everest has a portfolio comprising molecules to treat therapeutic areas in renal ailments, infectious diseases and autoimmune disorders.