Bank of Communications International has issued a research report reiterating its 'Buy' rating on EVEREST MED (01952). The report highlights the company's recent series of licensing and asset acquisition agreements with several mainland Chinese pharmaceutical firms, bringing in key products in the fields of autoimmunity/nephrology, cardiovascular, and ophthalmology. The firm is optimistic about the overseas market potential and development prospects for EVER001, as well as the expansion potential of the company's commercial product portfolio and platform in mainland China. The core views of Bank of Communications International are as follows:

Frequent Business Development Deals and Ongoing Platform Expansion

Over the past week, the company has entered into multiple licensing and asset acquisition agreements with several mainland Chinese pharmaceutical companies, introducing several key products in autoimmunity/nephrology, cardiovascular, and ophthalmology. The specifics include: 1) Securing rights to Beijiexin (Obinutuzumab Beta Injection) in certain Asia-Pacific countries from Mabwell. The company will pay Mabwell an upfront payment of RMB 23 million, with potential sales milestone payments of up to RMB 186 million. Beijiexin is a third-generation CD20 antibody drug independently developed by Mabwell, already approved in mainland China for treating NMOSD. Its membranous nephropathy indication is under priority review, SLE is in Phase II/III clinical trials, and follicular lymphoma is in Phase III clinical trials.

2) Obtaining Greater China rights for LNZ100 (1.44% Aceclidine) from Ji Xing Pharmaceuticals, involving an upfront payment and development milestone payments to Ji Xing. LNZ100 is a once-daily eye drop for treating presbyopia, already approved in the US and with a marketing application submitted in mainland China. It is expected to be approved in the first quarter of 2027, potentially addressing the treatment gap for an estimated 400 million presbyopia patients in mainland China by offering a non-invasive, day-long effective potential best-in-class treatment option.

3) Acquiring rights to Vicagrel (Sumecigrel) in multiple Asia-Pacific countries and regions from Vcare Pharma, involving an upfront payment of RMB 20 million, subsequent milestone payments, and payments for commercial supply of the cooperative product to Vcare. Vicagrel is a new-generation oral P2Y12 receptor antagonist. Its clinical development covers atherosclerotic thrombotic events such as acute coronary syndrome, ischemic stroke, and peripheral arterial disease. Preparations for New Drug Applications (NDAs) in multiple markets including China, the US, and Europe are currently underway.

EVER001 Shows Excellent Efficacy in Membranous Nephropathy, Overseas Development Expected to Accelerate

The company recently licensed the overseas rights for EVER001 to Travere Therapeutics. At the recently concluded ERA conference, EVEREST MED presented 52-week data from the Ib/IIa phase study of EVER001 for membranous nephropathy. EVER001 demonstrated rapid, deep, and sustained immunological and clinical remission. The reductions in proteinuria at 52 weeks were 78.9% and 82.6% in the low and high dose groups, respectively. Clinical remission rates were 53.8% and 70.6%, respectively, and reductions in anti-PLA2R antibody levels were 88.3% and 93.1%, respectively (Chart 1). Travere is in discussions with the FDA, hoping to initiate a Phase III clinical trial directly based on this data, and plans to advance development for indications including IgA nephropathy, FSGS, and MCD.