The Chinese innovative pharmaceutical industry is currently transitioning from scale expansion to a new phase of high-quality competition centered on clinical value and supported by full industrial chain capabilities. Amid an industry-wide trend towards cautious contraction and intensified competition within similar therapeutic areas, Hong Kong-listed biopharma company EVEREST MED (01952) is steadily advancing with its precise strategic positioning and mature commercial operations. On June 16th, the company announced an exclusive licensing agreement with Dimerix Limited (ASX: DXB), securing the rights for clinical development and commercialization of DMX-200 in Greater China (including mainland China, Hong Kong, Macau, and Taiwan), South Korea, and several Southeast Asian nations (including Singapore, Malaysia, Thailand, Indonesia, Vietnam, and the Philippines).

Under the agreement, EVEREST MED will pay Dimerix an upfront fee of $10 million, with potential development and registration milestone payments of up to $30 million and commercial milestone payments of up to $300 million. Additionally, Dimerix will receive tiered royalties ranging from 10% to 15% on future annual net sales of DMX-200 within the licensed territories. This collaboration with Dimerix represents a key step in EVEREST MED's ongoing efforts to expand its nephrology portfolio. DMX-200, a small molecule inhibitor of the chemokine receptor 2 (CCR2), is poised to address a significant unmet medical need for Focal Segmental Glomerulosclerosis (FSGS) treatment in China.

Addressing a Critical Unmet Need in FSGS Treatment

FSGS is a rare and serious kidney disease characterized by progressive scarring in parts of the kidney's filtering units, leading to proteinuria and a gradual decline in kidney function. Without effective control of proteinuria, approximately 50% of patients progress to end-stage renal disease within 5 to 10 years. Current clinical management primarily relies on non-specific immunosuppressive and supportive therapies. Estimates suggest a theoretical patient population of 500,000 to 1 million in China, highlighting a substantial unmet clinical need, which underscores the importance of DMX-200's introduction.

DMX-200 is a highly promising candidate in the rare kidney disease space, having already received Orphan Drug Designation from both the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA). The global pivotal Phase III ACTION3 study has completed enrollment of 333 patients. Positive interim analysis results announced in early 2024 showed DMX-200 was significantly superior to placebo in reducing proteinuria. To date, the Independent Data Monitoring Committee has completed eight reviews, the most recent in June 2026, with no safety concerns identified. An external statistical blinded assessment indicates the study maintains sufficient power (>90%), supporting the potential for DMX-200 to demonstrate significant proteinuria improvement at the study's conclusion.

"The positive interim analysis from the global pivotal Phase III study for DMX-200 indicates promising development prospects, potentially offering patients a new treatment option and filling the FSGS treatment gap in China. Leveraging our established capabilities in clinical development, registration, and commercialization, we will accelerate the development and launch of DMX-200 in China and other Asian markets, while exploring its potential in other glomerular diseases. We look forward to close collaboration with Dimerix to bring this innovative therapy to more patients," said Wu Yifang, Chairman of the Board of EVEREST MED.

"EVEREST MED possesses deep expertise in the rare kidney disease field and mature commercial capabilities covering Greater China, South Korea, and Southeast Asia. This collaboration will significantly enhance access to DMX-200 for patient populations in dire need of treatment. With its extensive experience and resources in the licensed regions, EVEREST MED is well-positioned to fully realize the clinical and commercial potential of DMX-200," said Dr. Nina Webster, CEO and Managing Director of Dimerix.

Strengthening the Asian Commercial Footprint

This business development deal aligns with the asset introduction criteria EVEREST MED has established in recent years. Over the past nine months, the company has intensively in-licensed several high-potential products, many of which are in late-stage clinical development or New Drug Application (NDA) stages, possess Best-in-Class or First-in-Class attributes, and target clear market opportunities. DMX-200 fits this selection logic: it is in late-stage Phase III development with relatively manageable development risk; as a promising CCR2-targeted candidate, it has differentiated technological barriers; and it addresses a patient population in the hundreds of thousands, suggesting a high commercial ceiling.

Furthermore, DMX-200 creates synergistic effects with the company's existing nephrology pipeline. While Nefecon® continues to gain traction in IgA Nephropathy and EVER001 (zanubrutinib) expands into indications like primary membranous nephropathy, the addition of MT1013 extends the reach into broader therapeutic areas such as chronic kidney disease and its complications. EVEREST MED has built a comprehensive nephrology portfolio covering both common and rare diseases, as well as marketed and investigational products. The inclusion of DMX-200 shifts the company's product matrix from being driven by a single core product towards synergistic growth across multiple categories, effectively enhancing long-term revenue resilience.

In terms of regional strategy, the licensed territories for DMX-200 encompass Greater China, South Korea, and multiple Southeast Asian countries. In recent months, the company has also secured regional rights for products like Bexijing® and Vicagrel. The addition of DMX-200 further strengthens its commercial footprint in Asia, potentially cultivating new revenue growth drivers.

Industry observers note that EVEREST MED is progressively entering a new development phase as a global, integrated biopharmaceutical company. This involves continuously enriching its product pipeline, maximizing the value of its commercial platform, expanding its self-developed products for global markets, and gradually becoming a leading Asia-based global integrated biopharmaceutical company. For capital markets, companies like this, which demonstrate high-certainty pipeline strategies and a consistent ability to deliver value, may secure more stable valuation support during the ongoing industry consolidation.