Everest Medicines (HKEX 1952.HK), a China-based biopharmaceutical company, announced on Sunday that it has received complete upfront payment of USD280m from Immunomedics, Inc., a wholly-owned subsidiary of US-based Gilead Sciences, Inc.

The company has received the payment for the transaction around Trodelvy rights in certain Asia territories. Everest has also received USD34m reimbursement for expenses related to the Trodelvy transition.

Under the agreement reached with Immunomedics in August 2022, Everest is entitled to receive up to USD455m in total considerations with USD280m in upfront payments and up to USD175m in potential future milestone payments.

The company has approximately USD430m in pro forma cash and is expected to make the transition from a clinical-stage biotech to a fully-integrated biopharma this year, with key milestones anticipated in core therapeutic areas of focus including renal disease, mRNA platform, and infectious diseases.