Stockholm — Medivir AB (Nasdaq Stockholm: MVIR) announced today that Medivir AB (“Medivir” or “the Company”) has renegotiated its agreement with TetraLogic Pharmaceuticals Corporation (”TetraLogic”) regarding financial obligations for birinapant, a SMAC mimetic, for the treatment of solid cancer tumors. The purpose of the new agreement is to create improved business development opportunities.
Medivir acquired birinapant from TetraLogic in 2016. The original agreement between Medivir and TetraLogic included milestone payments with predetermined amounts as well as royalty obligations to TetraLogic if and when Medivir develops, markets or out-licenses birinapant further. The original agreement has been dissolved and renegotiated so that the compensation Medivir is obliged to pay in a potential future transaction is now based solely on the distribution of actual future revenues to Medivir.
- It is very satisfying that we have now dissolved the previous agreement and negotiated a new agreement which is entirely based on the distribution of potential future revenues. This aligns and benefits both parties as the new agreement creates significantly improved conditions for a potential out-licensing or sale in our continued business development efforts with birinapant ", says Yilmaz Mahshid, CEO Medivir AB.
For further information, please contact:
Dr Yilmaz Mahshid, CEO, Medivir AB, phone: +46 (0)8 5468 3100.
Medivir AB is obliged to make this information public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08.40 CET on 11 December, 2020.
Birinapant is being developed to enhance responses, and extend survival, of patients with solid tumors where existing treatments do not provide sufficient survival benefit, or where patients no longer have treatment options. Based on its unique design and mechanism, birinapant has the potential to enhance patients’ responses in combination with other treatments.
Medivir develops innovative drugs with a focus on cancer where the unmet medical needs are high. The drug candidates are directed toward indication areas where available therapies are limited or missing and there are great opportunities to offer significant improvements to patients. Collaborations and partnerships are important parts of Medivir's business model, and the drug development is conducted either by Medivir or in partnership. Medivir's share (ticker: MVIR) is listed on Nasdaq Stockholm's Small Cap list. www.medivir.com
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