Everest parlays Blanchard’s network into mRNA vaccine
Two deals on the week bring in-licensed clinical assets to 10
By parlaying his relationship with a colleague from his time at Lilly, Everest’s Kerry Blanchard has added an mRNA vaccine for COVID-19 to the Shanghai-based biotech’s arsenal of in-licensed therapies. As the company readies to integrate the program to its infectious diseases pipeline, it’s also laying the groundwork to become a commercial play and building out its newly launched discovery unit.
On Monday, Everest Medicines Ltd. (HKEX:1952) announced a deal with Providence Therapeutics Holdings Inc. that grants the Chinese biotech exclusive Greater China and Southeast Asia rights to PTX-COVID19-B, an mRNA vaccine that it believes could be best in class. Providence will receive $100 million up front and is eligible for a 12% equity position in the Shanghai-based company based on milestones, plus profit-share and royalties...