Everest Medicines has entered into an asset purchase agreement with Corxel Pharmaceuticals Hong Kong Limited to acquire exclusive rights to develop, manufacture, and commercialize Cardamyst (etripamil) nasal spray across Greater China, including mainland China, Hong Kong, Macao, and Taiwan.

Under the terms of the agreement, Everest will make an upfront payment of USD 30 million, along with potential development milestone payments of up to USD 20 million. The transaction also includes the transfer of rights and obligations under a prior licensing agreement signed by Corxel in May 2021, along with related ancillary arrangements.

Cardamyst is a novel, rapid-acting calcium channel blocker administered as a portable nasal spray for on-demand use. It is designed to provide fast symptom relief with a favorable safety profile, enabling patients to self-administer treatment outside hospital settings. In December 2025, the therapy received approval from the U.S. Food and Drug Administration, becoming the first self-administered nasal spray in over three decades capable of converting paroxysmal supraventricular tachycardia (PSVT) to normal heart rhythm in adults.

In China, the New Drug Application for etripamil nasal spray was accepted by the National Medical Products Administration in January 2025, with approval anticipated in the third quarter of 2026.

PSVT is a cardiac condition characterized by sudden episodes of rapid heart rate due to abnormalities in the heart’s electrical system. Currently, patients have limited treatment options, often relying on emergency care due to the absence of fast-acting, non-injectable therapies for acute management. The condition is estimated to affect between 3 million and 6 million individuals in China.

Etripamil is also being developed for atrial fibrillation with rapid ventricular response (AFib-RVR), a more chronic and complex cardiac condition associated with increased risks of stroke and heart failure. With atrial fibrillation affecting nearly 20 million people in China, the therapy has the potential to address a significant unmet medical need in the cardiovascular space.

Clinical data supporting etripamil demonstrate strong efficacy and safety. In Phase III trials, a significantly higher proportion of patients receiving the therapy achieved conversion to normal heart rhythm within 30 minutes compared to placebo, with no serious adverse events reported. Additional global studies have reinforced its rapid onset of action and tolerability profile, with most side effects being mild and transient.

Commenting on the agreement, Rogers Yongqing Luo said the acquisition represents a key milestone in the company’s cardiovascular expansion strategy and aligns with its broader “2030 Strategy” focused on growth through strategic partnerships and in-house innovation. He highlighted the therapy’s potential to empower patients with a convenient, at-home treatment option for managing acute cardiac episodes.

Sandy Mou noted that the agreement allows Corxel to sharpen its focus on advancing its global pipeline, while leveraging Everest’s expertise in cardiovascular therapeutics and commercialization to bring etripamil to patients in China.

Originally developed by Milestone Pharmaceuticals, etripamil represents a new class of rapid-response therapies designed to shift treatment from emergency settings to patient-managed care. The drug’s innovative nasal delivery system is expected to improve accessibility and reduce the burden on healthcare systems.

The transaction further strengthens Everest Medicines’ cardiovascular portfolio and underscores its commitment to addressing critical unmet medical needs through innovative therapies, while advancing its ambition to become a leading global biopharmaceutical company.