SwedenSweden

Medivir sells rights for Xerese for EUR 31m

30.06.2011

Huddinge, Sweden - Medivir cashes in on Medivir. For EUR 31m the Swedish
specialty pharma company sold all North American remaining rights for
Xerese, a drug against cold sores (herpes labialis), to Swedish Meda. In
February 2010, Meda in-licensed exclusive North American rights to Xerese,
which is available in the US as a prescription medicine. Under that
agreement, Meda paid the collaboration partner Medivir AB mid-teens and
minimum royalties on net sales. Today, Meda has acquired all rights for
Xerese in the US, Canada and Mexico and the royalties have been reduced to
zero. This agreement will trigger a payment to AstraZeneca, the patent
originator, according to agreed terms. If Meda develops new products based
on Xerese, Medivir will receive mid-single digit royalties on net sales and
a milestone payment of EUR 6,9m on approval by the U.S. Food and Drug
Administration.
Ron Long, CEO of Medivir, said that he opted for the money now because
selling Xerese in North America "will take time and require considerable
marketing resources". Medivir doesn't want to wait that long. The fresh
money will be poured in R&D in the infectious disease area and to other
product in licensing opportunities to take advantage of the commercial
platform acquired through the acquisition of Biophausia, Long said.
Medivir's develops among others TMC435, a protease inhibitor, which
currently is in phase 2b clinical development for Hepatitis C.

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