Everest Medicines, a Shanghai in-licensing company, acquired greater China rights to a multi-drug resistant, gram negative antibiotic from Spero Therapeutics in an agreement worth up to $61.5 million. Everest will pay $2 million upfront and as much as $59.5 million in milestones, plus royalties on sales. It will also have an option on a similar deal for a second Spero MDR IV antibiotic. A two-year-old company, Everest is backed by $50 million in initial financing led by China’s C-Bridge Capital.
Source: China Biotoday