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news.Myriad Pharmaceuticals, a wholly owned subsidiary of healthcare company Myriad Genetics, has acquired all rights to bevirimat from biotechnology company Panacos Pharmaceuticals, for an upfront payment of $7 million.
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The upfront payment represents the total payment for bevirimat and will be expensed by Myriad Genetics during its third fiscal quarter ending March 31, 2009.
Myriad Pharmaceuticals has no future milestone or royalty obligations to Panacos. The assets include all patents and patent applications related to the compound, all product inventories, ownership of all clinical data and all rights to regulatory filings. Myriad will assume control of all clinical and commercial development going forward.
Adrian Hobden, president of Myriad Pharmaceuticals, said: “Based on the progress that Panacos has made with bevirimat and the results to date, Myriad Pharmaceuticals believes that bevirimat has great potential for the treatment of patients infected with HIV.
“We will work diligently to advance this compound through clinical development so that it can become a valuable addition to the drugs currently available to treat this terrible disease.”