EVEREST MED (01952) has announced that the transaction related to its exclusive licensing and collaboration agreement with Travere Therapeutics, Inc. has been completed in accordance with the terms of the agreement.

The licensor will receive an upfront payment of $112.5 million and is eligible to receive up to a total of $1.03 billion in development, regulatory, and commercial milestone payments for a maximum of five indications, along with tiered royalty payments based on future annual net sales thresholds, with percentages ranging from high single digits to double digits.

Travere is a biopharmaceutical company with a mission dedicated to rare diseases. Its team works collaboratively to help patients, families, and caregivers from diverse backgrounds navigate the challenges of living with rare conditions. Recognizing the urgent need for treatment options, Travere's global team partners with the rare disease community to identify, develop, and deliver life-changing therapies. In pursuit of this mission, Travere continually seeks to understand the varied perspectives of rare disease patients, courageously forging new paths to transform their lives and offer hope, both today and in the future.