Everest Medicines, a biopharmaceutical company that discovers and makes new medicines, announced a deal with Corxel Pharmaceuticals Hong Kong. Everest now has the rights to develop, make, and sell CARDAMYST (etripamil) nasal spray in China, Hong Kong, Macao, and Taiwan.
Everest will pay Corxel USD 30 million upfront and up to USD 20 million more if development goals are met. The deal also transfers most rights and responsibilities from Corxel to Everest.
CARDAMYST™ is a new fast-acting medicine for the heart, given as a nasal spray. It works quickly, is easy to use at home, and was approved by the FDA in December 2025. It is the first self-administered nasal spray in over 30 years to treat PSVT, a type of fast heartbeat in adults. The nasal spray is also being tested for AFib-RVR (another heart rhythm problem). Clinical trials show good results, and further studies are planned.
In China, the medicine’s approval process started in January 2025, and approval is expected in late 2026.
PSVT is a heart problem that causes sudden fast heartbeats. There are currently no fast-acting, self-administered treatments for PSVT, so patients often need emergency care. About 2.3–4 per 1,000 people have PSVT, which is around 3–6 million people in China.
As per Coherent Market Insights, the Biopharmaceutical and Biomedicine Market will grow at an 12.1% compound annual growth rate (CAGR) from 2025 to 2032, from USD 640.26 Bn in 2025 to around USD 1,425.17 Bn by 2032. Advancements in biomedical research have fueled the development of innovative therapeutic drugs and diagnostics. Significant investments by industry players and government organizations in R&D of novel biologics, cell, and gene therapies for the treatment of chronic diseases such as cancer and diabetes are also supporting market growth.
"We are pleased to collaborate with CORXEL, this agreement marks an important step in our continued expansion in the cardiovascular field and a meaningful milestone in advancing our growth 2030 strategy," said Mr. Rogers Yongqing Luo, Chief Executive Officer of Everest Medicines. "PSVT is a large and significantly underserved market in China, with no fast-acting, non-injectable, self-administered therapies approved for the acute treatment of PSVT. CARDAMYST provides an innovative on-demand treatment option that empowers patients to manage episodes anytime and anywhere. It is currently the only therapy designed for at-home self-administration to enable the acute termination of PSVT and AFib-RVR episodes, addressing a significant unmet medical need among patients in China. We will leverage our clinical development expertise and established commercialization platform to accelerate its advancement and future launch in Greater China, while further strengthening our cardiovascular franchise and unlocking its broader potential across atrial arrhythmias."
Source:
News: Everest Medicines