BOCOM INTL: Maintains buy rating on EVEREST MED (01952), overseas development prospects promising.

BOCOM INTL released a research report stating that EVEREST MED(01952) has reached authorization and acquisition agreements with multiple mainland Chinese pharmaceutical companies, introducing a number of heavyweight products in the fields of immunology/nephrology, cardiovascular, and ophthalmology. The company is optimistic about the overseas market capacity and therapeutic development prospects of EVER001, as well as the expansion potential of its commercial product portfolio and platform in mainland China, and maintains a buy rating. The main points of BOCOM INTL are as follows: Intensive BD cooperation, continuous expansion of commercial platform In the past week, the company has reached authorization and acquisition agreements with multiple mainland Chinese pharmaceutical companies, introducing a number of heavyweight products in the fields of immunology/nephrology, cardiovascular, and ophthalmology. Specifically, the agreements include: 1) Obtaining the Asia-Pacific rights of Bejetin (Orituzumab beta injection) from Tiangang Real and paying an initial payment of RMB 23 million, as well as a sales milestone payment of up to RMB 186 million. Bejetin is a third-generation CD20 antibody drug independently developed by Tiangang Real, which has been approved in mainland China for the treatment of NMOSD, with indications for membranous nephropathy in priority review stage, SLE in clinical phase II/III, and follicular lymphoma in clinical phase III. 2) Obtaining the Greater China rights of LNZ100 (1.44% acetoclide) from Jixing Pharmaceutical and making initial and development milestone payments. LNZ100 is a daily ophthalmic liquid for the treatment of presbyopia, which has been approved in the United States and has submitted a listing application in mainland China, expected to be approved in 1Q27, potentially filling the treatment gap for 400 million presbyopic patients in mainland China, providing a non-invasive and effective treatment option with continuous daytime effect. 3) Obtaining the Asia-Pacific rights of Vicagrel (Sumecigrel) from Weekan Pharmaceuticals and paying an initial payment of RMB 20 million, subsequent milestone payments, and commercial supply payments for collaborative products. Vicagrel is a new generation oral P2Y12 receptor antagonist, clinically developed for acute coronary syndrome, ischemic stroke, and peripheral arterial diseases related to atherosclerotic thrombotic events, currently preparing for NDA in multiple markets including China, the United States, and Europe. The efficacy data of EVER001 in membranous nephropathy is excellent, and overseas development is expected to accelerate The company recently granted the overseas rights of EVER001 to Travere Therapeutics. At the just concluded ERA conference, Yunding announced the 52-week data of the Ib/IIa phase study of EVER001 for the treatment of membranous nephropathy: EVER001 demonstrated rapid, deep, and sustained immunological and clinical remission, with a proteinuria reduction rate of 78.9%/82.6% and clinical remission rates of 53.8%/70.6% in the low and high dose groups at 52 weeks, respectively, and anti-PLA2R antibody level reductions of 88.3%/93.1% (Chart 1). Travere is currently in communication with the FDA, hoping to directly initiate phase III clinical trials based on the above data, and plans to advance indications such as IgA nephropathy, FSGS, MCD, etc.