Presidio Pharmaceuticals elected to return the license rights to Medivir’s HIV nucleoside reverse transcriptase inhibitor, MIV-310. This enables Medivir to transfer the license to Beijing Mefuvir Medicinal Technology, a subsidiary of Tianjin Human-Care Latex, a Chinese condom manufacturer.
The amendment to this year-old agreement between Presidio and Medivir will result in a $20 million reduction in the original $75.25 million deal. Inked in December 2006, Presidio gained licenses to Phase II MIV-310 and MIV-410 a preclinical compound. The new transaction will now allow for $52.25 million based on milestones related to the development of MIV-410.
Under the new agreement for MIV-310, Mefuvir will finance the clinical development in pursuit of registration in Asia where it has obtained the marketing rights with the exception of Japan.
“MIV-310 has, in Phase II trials, shown remarkable potency against multidrug-resistant HIV,” says Bo Öberg, CEO, Medivir HIV Franchise. “In laboratory experiments the combination of MIV-310 and AZT shows synergistic effects against HIV and at the same time antagonistic toxicity.”