Everest Medicines, advised by Ropes & Gray, announced on Aug. 16th that it has entered into an agreement with Immunomedics, Inc., a wholly-owned subsidiary of Gilead Sciences, under which Immunomedics will obtain exclusive rights to develop and commercialize cancer drug Trodelvy in greater China, South Korea, Singapore, Indonesia, Philippines, Vietnam, Thailand, Malaysia and Mongolia.

Everest is a biopharmaceutical company focused on developing and commercializing transformative pharmaceutical products to address critical unmet needs in Asia Pacific markets. Among the terms of the agreement, Everest will receive up to $455 million in total considerations with $280 million in upfront payments payable subject to, among other things, certain regulatory approvals, and up to $175 million in potential future milestone payments.

The interdisciplinary team advising Everest consisted of life sciences, corporate and tax partners and associates in the Shanghai, Hong Kong and Boston offices of the firm.