Everest Medicines Announces Share Placement to Raise Approximately HK$1,572.50 Million

Everest Medicines Announces Share Placement to Raise Approximately HK$1,572.50 Million

SHANGHAI, July 25, 2025 /PRNewswire/ -- Everest Medicines (HKEX 1952.HK, "Everest" or the "Company"), a biopharmaceutical company focused on the discovery, clinical development, manufacturing, and commercialization of innovative therapeutics, today announced that it has entered into a placing and subscription agreement with the placing agents and its controlling shareholder, CBC Group (the "Sellers"), for a top-up placement of 22,561,000 shares to raise approximately HK$1,572.50 million, representing approximately 6.87% of the total number of Shares in issue as at the date of this announcement, and approximately 6.45% of the total number of Shares in issue.

Everest Medicines, together with its controlling shareholder CBC Group and the placing agents, entered into a placing and subscription agreement for the sale of 22,561,000 shares at a purchase price of HK$69.70 per share, representing:

• a discount of approximately 10.12% to the closing price of HK$77.55 per share on July 24, 2025.
• a discount of approximately 4.98% to the average closing price of HK$73.35 per Share as quoted on the Stock Exchange for the five consecutive trading days immediately prior to and including the Last Trading Date.
• a premium of 16.15% to the volume weighted average price of HK$60.01 per Share as quoted on the Stock Exchange for the thirty consecutive trading days immediately prior to the Last Trading Date and including the Last Trading Date.

The gross proceeds from the Placing and Subscription are expected to be approximately HK$1,572.50 million, and the net proceeds (after deducting all related expenses, including commission and levies) will be approximately HK$1,553.39 million.

Everest Medicines intends to use approximately 50% of the net proceeds (approximately HK$776.69 million) to support global research and development of pipeline products, approximately 40% (approximately HK$621.36 million) to commercialization efforts including the launch of new products, and 10% (approximately HK$155.34 million) to working capital and general corporate purposes.

"This placement was well-received by several leading international long-only funds and was significantly oversubscribed, reflecting strong capital market confidence in Everest's commercial execution capabilities and innovative R&D strengths," said Rogers Yongqing Luo, Chief Executive Officer of Everest Medicines. "It also underscores investors' endorsement of our long-term strategic vision. We will use the proceeds to accelerate the development of innovative pipelines and our proprietary AI+mRNA platform, while advancing the commercialization of our existing portfolio. With a strengthened capital base, we are poised to drive both commercialization and innovation, delivering greater value to patients and shareholders."

Everest has built an industry-leading, fully integrated, and localized AI+mRNA platform, enabling the development of multiple oncology and autoimmune disease programs, including EVM14, an off-the-shelf therapeutic mRNA cancer vaccine; EVM16, a personalized mRNA cancer vaccine; and an in vivo CAR-T program aimed at building a differentiated portfolio of precision immunotherapies.

• The first patient has been dosed with Everest's internally developed personalized mRNA cancer vaccine (PCV) EVM16 at Peking University Cancer Hospital in the investigator-initiated clinical trial (IIT). Early results showed strong immunogenicity and specific T-cell responses even at a low starting dose in advanced cancer patients.
• The Investigational New Drug (IND) application for EVM14, a Tumor-Associated Antigen (TAA) vaccine, has been accepted by both the National Medical Products Administration (NMPA) of China and the U.S. Food and Drug Administration (FDA), making it Everest's first mRNA cancer therapeutic vaccine to achieve dual IND submissions in both China and the United States. The first clinical batch of EVM14 was successfully released from Everest's Jiashan manufacturing site on June 9, and is anticipated to be delivered to U.S. clinical centers by mid-August. This batch will support the clinical trials of EVM14 in both China and the United States (US).
• Everest's in vivo CAR-T program is founded upon its proprietary targeted LNP (tLNP) delivery system and has shown promising results in both humanized mouse models and non-human primates. It offers key advantages including off-the-shelf availability, lymphodepletion-free administration, and dose controllability.

EVER001, a next-generation covalent reversible BTK inhibitor with global rights, is advancing through global multi-center clinical studies for glomerular diseases such as primary membranous nephropathy (pMN). Positive results from its Phase 1b/2a clinical trial demonstrated rapid onset, durable response, good tolerability, and oral convenience, offering strong potential to address unmet needs in renal disease treatment worldwide.

NEFECON^®, the first and only etiological treatment for IgA nephropathy (IgAN) full approved in China, the U.S., and Europe, continues to gain strong commercial traction in China following its inclusion in the National Reimbursement Drug List (NRDL), benefiting over 20,000 patients to date. Everest is also accelerating the development of its proprietary diagnostic test for Gd-IgA1 to build an integrated disease management ecosystem encompassing diagnosis, treatment, and long-term care.

The New Drug Application (NDA) for Etrasimod (VELSIPITY^®) has been accepted in Mainland China, with approval anticipated between late 2025 and early 2026. The NDA has also been accepted in South Korea. VELSIPITY® has been commercially launched in Macao SAR, Singapore and Hong Kong SAR in 2024. As Everest's third commercialized product, VELSIPITY^® has been officially approved by the Guangdong Provincial Medical Products Administration for adult patients with moderately to severely active UC. It is now available at medical institutions designated under the Connect Policy in the Greater Bay Area. In March 2025, Everest has launched the construction project at its Jiashan manufacturing site to support the local production for VELSIPITY^®.

Everest Medicines is accelerating the strategic advancement of its core pipeline and AI+mRNA technology platforms to further solidify its position as a leading innovative biopharmaceutical company in Asia.

About Everest Medicines

Everest Medicines is a biopharmaceutical company focused on discovering, developing, manufacturing and commercializing transformative pharmaceutical products and vaccines that address critical unmet medical needs for patients in Asian markets. The management team of Everest Medicines has deep expertise and an extensive track record from both leading global pharmaceutical companies and local Chinese pharmaceutical companies in high-quality discovery, clinical development, regulatory affairs, CMC, business development and operations. Everest Medicines has built a portfolio of potentially global first-in-class or best-in-class molecules in the company's core therapeutic areas of renal diseases, infectious diseases and autoimmune disorders. For more information, please visit its website at www.everestmedicines.com.

Forward-Looking Statements:

This news release may make statements that constitute forward-looking statements, including descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to the business operations and financial condition of the Company, which can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," "confident" and similar statements. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, or other factors, some of which are beyond the control of the Company and are unforeseeable. Therefore, the actual results may differ from those in the forward-looking statements as a result of various factors and assumptions, such as future changes and developments in our business, competitive environment, political, economic, legal and social conditions. The Company or any of its affiliates, directors, officers, advisors or representatives has no obligation and does not undertake to revise forward-looking statements to reflect new information, future events or circumstances after the date of this news release, except as required by law.

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SOURCE Everest Medicines