Everest Medicines Acquires Rights to Cardamyst Nasal Spray in Greater China

Everest Medicines Acquires Rights to Cardamyst Nasal Spray in Greater China

By, Admin 25 March 2026

A strategic deal is reshaping the cardiovascular treatment landscape in China. Everest Medicines has signed an asset purchase agreement with Corxel Pharmaceuticals Hong Kong Limited to acquire rights for Cardamyst (etripamil) nasal spray across Greater China.

This includes:

  • Mainland China
  • Hong Kong
  • Macao
  • Taiwan

Deal Breakdown: $50 Million on the Table

The transaction is structured with both upfront and milestone payments.

Financial Terms:

  • $30 million upfront payment
  • Up to $20 million in development milestones

Everest will also assume key rights and obligations tied to earlier licensing agreements signed in 2021. This isn’t just a licensing deal. It’s a full strategic acquisition of regional control.

Why Cardamyst Matters?

Cardamyst is not a typical cardiovascular drug. It’s a rapid-acting, self-administered nasal spray designed for acute heart rhythm episodes.

Key Advantages:

  • Fast onset of action
  • Portable and easy to use
  • Enables at-home treatment
  • Reduces dependence on emergency care

In December 2025, it was approved by the U.S. Food and Drug Administration. That approval made it:

The first self-administered nasal spray in 30+ years for converting PSVT to normal rhythm.

The Problem It Solves: A Massive Unmet Need

1. Paroxysmal Supraventricular Tachycardia (PSVT)

Paroxysmal Supraventricular Tachycardia is marked by sudden episodes of rapid heart rate.

Current reality:

  • No approved self-administered, fast-acting therapies
  • Patients often rely on emergency departments

Market size in China:

  • 3 to 6 million patients

2. Atrial Fibrillation with Rapid Ventricular Response (AFib-RVR)

Atrial Fibrillation with Rapid Ventricular Response is more complex and chronic.

Key challenges:

  • Recurring episodes
  • Higher risk of stroke and heart failure
  • Significant psychological burden

Market size in China:

  • ~20 million patients

Cardamyst is also being developed for this indication, with Phase III trials planned.

Clinical Performance: Fast and Effective

The drug is backed by strong global and China-specific data.

Phase 3 RAPID Study (Global)

  • 64% conversion to normal rhythm within 30 minutes
  • vs 31% for placebo
  • Median conversion time: 17 minutes

China Phase 3 Study (JX02002)

  • Significantly higher conversion rates vs placebo
  • Hazard ratio: 3.02

Safety Profile

  • No serious adverse events reported within 24 hours
  • Mostly mild, transient side effects:
    • Nasal discomfort
    • Congestion
    • Throat irritation

Regulatory Progress in China

The New Drug Application (NDA) has already been accepted by China’s regulator. National Medical Products Administration accepted the application in January 2025. Expected aproval: Q3 2026. If approved, this could be a first-in-class launch in China.

Strategic Play: Everest’s 2030 Vision

This deal fits squarely into Everest’s long-term growth strategy. Led by Rogers Yongqing Luo, the company is pursuing a dual-engine model:

  • External partnerships
  • Internal R&D

The goal:

  • Build strong therapeutic verticals
  • Expand lifecycle opportunities
  • Strengthen global positioning

Cardamyst strengthens Everest’s cardiovascular franchise, one of its key focus areas.

What Corxel Gains?

For Corxel Pharmaceuticals Hong Kong Limited, this deal is equally strategic.

According to Sandy Mou:

  • The company demonstrated strong execution by advancing the drug to NDA stage
  • The agreement allows it to refocus on its global pipeline

In short: monetize regional success, reinvest globally.

The Bigger Shift: From Hospital to Home

This deal signals something bigger than a single drug launch. It reflects a shift in cardiovascular care:

  • From hospital-based interventions
    ➡️ To patient-managed treatments

Etripamil’s nasal delivery model:

  • Empowers patients
  • Reduces healthcare burden
  • Enables faster intervention

Final Take

Everest’s acquisition is more than a regional expansion. It’s a bet on:

  • Decentralized care
  • Patient empowerment
  • High-need cardiovascular markets

If approved in China, Cardamyst could redefine how acute arrhythmias are managed. And in a market with tens of millions of patients, that’s not just innovation.  That’s scale. 

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