The rights have been licensed in return for an up-front payment of $10 million, development and sales related milestones and royalties. Shire will also receive 8 million additional Avexa shares as part of this agreement, taking its shareholding in Avexa to just over 8%.
In January 2005, Shire licensed the right to develop and commercialize apricitabine throughout the world, excluding North America, to Avexa. This agreement gives Avexa the full responsibility for the worldwide development and commercialization of this product.
Apricitabine is Avexa’s lead program and is currently in phase IIb trials. Recruitment for the phase IIb trial was completed in December 2006 and the results are due in the first quarter of 2007.