Everest Medicines Enters into Asset Purchase Agreement with Corxel Pharmaceuticals

Everest Medicines, a biopharmaceutical company focused on the discovery, clinical development, manufacturing, and commercialization of innovative therapeutics, announced that it has entered into an Asset Purchase Agreement with Corxel Pharmaceuticals Limited. Under the agreement, the Company has acquired the rights to develop, manufacture, and commercialize LNZ100 (1.44% aceclidine, U.S. brand name VIZZ) in Greater China, including Chinese mainland, Hong Kong SAR, Macao SAR, and Taiwan region. Everest will pay an upfront payment and potential development milestone payments. As part of this agreement, Everest will be assigned and transferred the rights and obligations under the LENZ License Agreement entered into by CORXEL in April 2022 and certain related ancillary agreements. This transaction is expected to further expand the Company's innovative product portfolio, strengthen its presence in ophthalmology, and enhance overall strategic synergies across its business.

"The acquisition of LNZ100 represents an important step in advancing Everest's strategic focus in ophthalmology. LNZ100 is a differentiated asset with meaningful clinical value and strong commercial potential in the treatment of presbyopia," said Yifang Wu, Chairman of the Board of Everest Medicines. "As the presbyopia patient population continues to grow, significant unmet needs remain in non-invasive treatment options. We believe LNZ100 has the potential to offer patients a novel, non-invasive therapeutic option and to further broaden the landscape of innovative ophthalmic treatments. The product has already been approved in the United States and is currently under regulatory review in China. We will continue to advance its development and commercialization to make this therapy accessible to presbyopia patients."

Ms. Sandy Mou, Board Executive Director and Chief Executive Officer of CORXEL, said: "We are confident that Everest Medicines' strong commercialization capabilities will accelerate LNZ100's market access and bring this innovative treatment to more presbyopia patients in China.