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Medivir and Meda in Xerese renegotiation

Medivir has renegotiated the terms of its financial arrangement with Meda for Xerese, its marketed product for herpes labialis, in North America

Medivir has renegotiated the terms of its financial arrangement with Meda for Xerese, its marketed product for herpes labialis, in North America.

Medivir will receive $45m from Meda for the transfer of all rights to the product in US, Canada and Mexico. The agreement will trigger a payment to AstraZeneca (AZ), the patent originator, according to the terms.

The agreement also provides Meda with the exclusive US rights to Xerese for the genital herpes indication. Meda is responsible for the development of this indication for which Medivir will be eligible to receive a $10m development milestone if the product is approved by the US Food and Drug Administration (FDA).

Medivir will also receive single digit royalties on sales in the US and full commercial rights outside US. Medivir will pay Meda a single digit royalty on these sales.

Ron Long, chief executive of Medivir, said: "We are following the performance of Xerese with great interest since the US launch by our partner Meda in February.

“However, both we recognise that it will take time and require considerable marketing resources to achieve successful penetration of this important market. The revised agreement fairly reflects our view of the market potential and provides us with cash proceeds that we can devote both to our R&D projects 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."

Medivir and Meda's collaboration on Xerese dates back to February 2010 when Medivir licensed the rights to market, sell and distribute Xerese to Meda in the US, Canada and Mexico.

29th June 2011

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