The revenue generated from the sales of Covid-19 sales has been declining in recent months. Image Credit: nito / Shutterstock.

China-based Everest Medicine has terminated its licensing and partnership agreement with Canada-based Providence Therapeutics. 

Everest will pay $4m as part of the termination agreement and will not need to pay any milestone payments or royalties on the products it develops in the future, except for rabies and shingles vaccines that were developed in collaboration with Providence. Everest will also retain full rights to all intellectual property rights provided, transferred, or made available by Providence to the company before the termination of the agreement.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The 2021 collaboration agreement granted Everest licencing rights to Providence’s mRNA Covid-19 vaccine candidates in various Asian markets including Greater China, Southeast Asia and Pakistan. The agreement also allowed the Chinese company access to Providence’s mRNA technology platform to develop mRNA products.

Everest and Providence’s Providence’s mRNA Covid-19 vaccine candidate, PTX-COVID19-B, had showed non-inferiority in a Phase II trial (NCT05175742) against Pfizer/BioNTech’s mRNA Covid-19 vaccine Comirnaty. PTX-COVID19-B superiority as a booster vaccine is also being studied in a Phase III trial (NCT05534035) against AstraZeneca’s Vaxzevria.

The pharmaceutical sector has seen a drastic fall in the revenues generated by Covid-19 vaccines and products. In October 2023, Pfizer reduced its 2023 revenue expectations for its Covid-19 antiviral pill Paxlovid (nirmatrelvir/ritonavir) by around $7bn. The company also reduced its revenue expectations by $2bn for Comirnaty.

See Also:

Moderna also reported a 42% drop in the global revenue generated by the Covid-19 vaccine Spikevax in Q3 2023 compared to the same period in 2022. In June 2023, Walgreens Boots Alliance instituted cost-saving measures after reporting a $171m drop in profits in Q3 2023 compared to the same period in 2022. Walgreens’ CEO at the time Rosalind Brewer blamed the “significantly lower demand for Covid-related services” for the significant drop in its profits.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Other therapies in Everest’s portfolio include the US Food and Drug Administration (FDA)-approved Velsipity (etrasimod) for the treatment of moderate-to-severe active ulcerative colitis developed in partnership with Pfizer, and Tarpeyo (budesonide) for the treatment of primary immunoglobulin A nephropathy (IgAN) licensed from Calliditas Therapeutics.

Cell & Gene Therapy coverage on Pharmaceutical Technology is supported by Cytiva. 

Editorial content is independently produced and follows the highest standards of journalistic integrity. Topic sponsors are not involved in the creation of editorial content.