Milestone achievement triggered a $7.2 million fee, and the rest was tendered after Medivir declined to exercise its option to marketing rights in the Nordic region.
Medivir received €17 million, or $24.54 million, from Tibotec related to an HCV collaboration signed in 2004. The firms agreed to discover and develop orally active protease inhibitors of the NS3/4A protease to treat chronic HCV infection.
Medivir reports that it achieved one of the clinical milestones defined under the terms of this research and license agreement. The company thus secured €5 million, or $7.21 million.
The second payment is due because Medivir opted to not obtain the marketing rights to an approved product in the Nordic countries. The firm will receive €12 million, or $17.32.
“Our goal is to achieve revenues from sales of licensed pharmaceuticals in the Nordic market in the coming 12 months,” explains Medivir’s CEO Lars Adlersson. “A robust financial position will facilitate the creation of a Nordic sales and marketing organization and strengthen us in coming partnership negotiations.”