Everest Medicines has announced a significant asset purchase agreement with Corxel Pharmaceuticals, acquiring the rights to develop, manufacture, and commercialize CARDAMYST™ (etripamil) nasal spray across Greater China. This strategic move aims to bolster Everest’s cardiovascular franchise and address unmet medical needs in the region.
Everest Medicines has entered into an Asset Purchase Agreement with Corxel Pharmaceuticals Hong Kong Limited, securing the rights to CARDAMYST™ (etripamil) nasal spray for the Greater China market, encompassing Mainland China, Hong Kong, Macao, and Taiwan. The agreement includes an initial payment of $30 million, with an additional $20 million contingent on development milestones. This acquisition is a key component of Everest’s 2030 Strategy, reinforcing its commitment to expanding its cardiovascular therapeutic area.
CARDAMYST™ is a novel, rapid-acting calcium channel blocker administered via a convenient nasal spray. It offers the potential for at-home self-administration, providing patients with greater control over their condition. In December 2025, it received U.S. Food and Drug Administration (FDA) approval, marking a significant advancement as the first self-administered nasal spray in over three decades capable of converting paroxysmal supraventricular tachycardia (PSVT) to sinus rhythm in adults. The drug is also being investigated for atrial fibrillation with rapid ventricular response (AFib-RVR), with promising Phase II trial results and planned Phase III trials.
Paroxysmal supraventricular tachycardia (PSVT) affects an estimated 3 to 6 million patients in China, with limited self-administered, fast-acting, non-injectable treatment options currently available. Atrial fibrillation affects nearly 20 million patients in China, a number expected to rise with an aging population. Everest Medicines plans to leverage its clinical development expertise and established commercialization platform to accelerate the advancement and launch of CARDAMYST™ in Greater China, addressing these significant unmet medical needs.
The New Drug Application (NDA) for etripamil nasal spray was accepted by China’s National Medical Products Administration (NMPA) on January 17, 2025, with an anticipated approval in the third quarter of 2026. The FDA approval was supported by robust clinical data, including the Phase 3 RAPID trial published in The Lancet, which demonstrated significant efficacy in converting SVT to sinus rhythm within 30 minutes. The treatment showed a favorable safety profile, with most adverse events being mild and transient.
Ms. Sandy Mou, CEO of Corxel Pharmaceuticals, expressed confidence in Everest Medicines as the ideal partner to bring etripamil nasal spray to patients in China. She noted Corxel’s successful execution in developing the drug program and submitting the NDA, highlighting that this agreement allows Corxel to focus resources on its core pipeline development.