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Aug 26, 2011

Medivir Divests Generics Subsidiary for SEK 26M

  • Medivir’s subsidiary BioPhausia is selling the generics business BMM Pharma to Bluefish Pharmaceuticals for SEK 26 million (almost $4.12 million) plus the value of inventories, some SEK 12 million (almost $1.9 million). The staff of BMM Pharma will not transfer in the acquisition.

    “This deal is a natural last step in the concentration and focus of BioPhausia’s business, which began about a year ago,” comments Maris Hartmanis, CEO of BioPhausia. “We will now be focusing on the ongoing commercial development of our proprietary products and parallel imported products.”

    Medivir is a research-based specialty pharmaceutical company focusing on infectious diseases. In June the company acquired BioPhausia to commercialize its lead candidate, TMC435, in Nordic markets once approved. TMC435, a protease inhibitor, is in Phase III development for hepatitis C and is partnered with Tibotec Pharmaceuticals.

    Medivir’s first commercial product, Xerese/Xerclear for cold sores, was launched in the U.S. in February. It is also approved in Europe and is being launched in partnership with GlaxoSmithKline for OTC sale in Europe, Japan, and Russia. Rights in North America, Canada, and Mexico were recently sold to Meda. Medivir retains Rx rights to Xerclear in Sweden and Finland.

    Daewoong Pharmaceutical negotiated an exclusive license to distribute Xerclear in China and Hong Kong in June. It had previously inked a deal for Xerclear in South Korea and recently filed for registration of the drug with the South Korean authorities.

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