Everest Medicines (HKEX 1952.HK, "Everest", or the "Company"), a biopharmaceutical company focused on the discovery, clinical development, manufacturing, and commercialization of innovative therapeutics, announced the closing of its previously announced exclusive licensing and collaboration agreement with Travere Therapeutics, Inc. (NASDAQ: TVTX) for the development and commercialization of civorebrutinib (also known as EVER001), a potential best-in-class oral, covalent reversible Bruton's tyrosine kinase (BTK) inhibitor in the U.S. and global markets excluding Greater China and certain countries in East and Southeast Asia.

Under the terms of the agreement, Everest will receive an upfront payment of $112.5 million from Travere Therapeutics after the closing of the transaction.

Everest is also eligible to receive up to approximately $1.03 billion in additional cash payments tied to specified clinical development, regulatory and commercial milestones across up to five indications. Travere will also pay tiered royalties on future sales in its licensed territories, ranging from high single-digit to double-digit percentages based on annual net sales thresholds.