Evommune Receives Exclusive License From Hinova Pharmaceuticals To Develop, Manufacture, Commercialize EVO570 Outside China; Hinova To Get $30M Upfront Payment

Evommune, Inc. (NYSE: EVMN) (the “Company” or “Evommune”), a clinical-stage biotechnology company developing therapies for chronic inflammatory diseases, and Hinova Pharmaceuticals Inc. (SSE: 688302) today announced an exclusive license agreement granting Evommune worldwide rights outside of Greater China to develop, manufacture and commercialize EVO570 (formerly HC118 and known as HP570 in Greater China), an oral VAV1-directed molecular glue degrader (MGD).

As consideration for the license, Evommune will pay Hinova $30 million upfront, consisting of $20 million in cash and $10 million in the form of pre-funded warrants to purchase Evommune common stock. Hinova is eligible to receive up to approximately $1.1 billion in development, regulatory and commercial milestone.