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Arena Pharmaceuticals licenses 2 investigational drug candidates

Everest Medicines Ltd. secured the license to Arena Pharmaceuticals Inc.'s etrasimod and ralinepag for mainland China, Taiwan, Hong Kong, Macau and South Korea.

Arena will receive an upfront payment of $12 million and is eligible for up to $212 million in development and commercial milestone payments and also additional royalties on sales.

Both medicines are in clinical development. Etrasimod is being investigated for therapeutic potential in autoimmune diseases such as ulcerative colitis, and ralinepag is being developed for the treatment of pulmonary arterial hypertension.

Everest Medicines is a biopharmaceutical company developing and commercializing pharmaceutical products that address medical needs for patients in China.

Everest is backed by C-Bridge Capital, which has invested $50 million in the entity.