Medivir renegotiates deal with Meda, receiving $45 million for US rights for Xerese; Meda passes this and Elidel to Valeant
Infectious disease specialist Medivir AB (OMX: MVIR) says that it has renegotiated the terms of its commercial partnership with fellow Sweden-based Meda (OMX: MEDA A) for Xerese (acyclovir and hydrocortisone), its unique marketed product for cold sores (herpes labialis).
Xerese is US Food and Drug Administration-approved and available in the USA as a prescription medicine. Meda launched the product in the USA in February 2011 and Medivir currently receives a double digit royalty on Meda’s sales there.
Under the terms of the renegotiated deal, Medivir will now receive a $45 million payment from Meda in return for the transfer of all rights to the product in USA, Canada and Mexico. This agreement will trigger a payment to AstraZeneca, the patent originator, according to agreed terms.
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