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news.Medivir has reported that it is collaborating with Tibotec Pharmaceuticals to develop HCV NS3/4A protease inhibitors for the treatment of chronic hepatitis C virus infection.
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The drug candidate, TMC435350, recently advanced into Phase II of the clinical trial program. The first Phase IIa study was initiated in Europe by Tibotec Pharmaceuticals at the end of November.
Under the terms of the research development and license agreement of November 2004, Medivir is entitled to a number of pre-specified milestone payments. Medivir has achieved one of the clinical milestones in the agreement and has thus secured a milestone payment of E5 million.
The second payment is due because Medivir has opted to decline a contractual opportunity to obtain from Tibotec, at some point in the future, the marketing rights for an approved pharmaceutical in the Nordic countries. In return Tibotec will make a cash payment of E12 million.
Lars Adlersson, Medivir’s CEO, said: “This will be our largest ever licensing payment. A robust financial position will facilitate the creation of a Nordic sales and marketing organization and strengthen us in coming partnership negotiations. Our goal is to achieve revenues from sales of licensed pharmaceuticals in the Nordic market in the coming 12 months.”