NeuroVive in $150 million deal with OnCore BioPharma for hep B candidate NVP018

Swedish mitochondrial medicine firm NeuroVive Pharmaceutical (Nasdaq OMX AB: NVP) has signed an exclusive global out-licensing agreement with the US biotechnology company OnCore BioPharma.

The deal is related to the development and commercialization of NeuroVive’s drug candidate NVP018 for oral treatment of chronic hepatitis B Virus (HBV) infection. The agreement can give NeuroVive in total $150 million in conditional milestone payments plus royalties on future drug sales.

“After extensive discussions with a number of leading pharmaceutical companies, I am delighted to announce that we have signed this agreement with OnCore, a strong partner that provides optimal resources to develop NVP018 from a stage of a promising drug candidate to a complete treatment for a global medical challenge. This confirms the financial potential inherent in our pharmaceuticals portfolio, and the revenues will allow us to further intensify our work in prioritized areas of mitochondrial medicine,” commented NeuroVive’s chief executive Mikael Bronnegard.