Everest gets rights to Tetraphase antibiotic

Tetraphase Pharmaceuticals Inc. (NASDAQ:TTPH) granted C-Bridge-backed Everest Medicines Ltd. (Boston, Mass.) exclusive rights to develop and commercialize eravacycline (TP-434) in China, Taiwan, Hong Kong, Macau, South Korea and Singapore.

Tetraphase will receive $7 million up front and is eligible for up to $36.5 million in milestones, plus tiered double-digit royalties. The companies will also establish a joint steering committee to review and oversee Everest's development and commercialization plans...