Medivir out-licenses hepatitis C candidate in China

Swedish drugmaker Medivir (OMX: MVIR) said today that it has licensed the exclusive rights for China to develop, manufacture and commercialize its nucleotide polymerase inhibitor for hepatitis C, MIV-802 to domestic biotech firm Ascletis.

Under the terms of the agreement, Medivir received an undisclosed upfront payment, and is entitled to receive milestones based on successful development through commercial launch and tiered royalties on net sales of MIV-802 containing products. Ascletis will fund clinical development, manufacturing and commercialization of MIV-802 in Greater China. Medivir shares were up 3.6% at 72.50 Swedish kronor in mid-morning trading.

"We are pleased to have Ascletis as a partner with their track record in advancing development of pharmaceuticals in Greater China and their portfolio of antivirals with which to create a combination drug against hepatitis C," said Christine Lind, chief executive of Medivir.