Bristol-Myers Squibb Company And Medivir AB Announce Worldwide Collaboration To Develop And Commercialize MIV-170 For The Treatment Of HIV-1 Infection In Adults
Princeton, NJ and Huddinge, Sweden (September 13, 2006) -- Bristol-Myers Squibb Company (NYSE: BMY) and Medivir AB (Stockholm: MVIRb.ST) today announced a worldwide collaboration to develop and commercialize MIV-170, a preclinical non-nucleoside reverse transcriptase inhibitor, or NNRTI, intended for the treatment of HIV-1 infection in adults as part of an antiretroviral drug regimen.
Terms of the agreement include an upfront payment from Bristol-Myers Squibb of $7.5 million to Medivir. Medivir also may receive pre-specified development and regulatory milestones totaling approximately $97 million from the collaboration, as well as up to double-digit royalties on sales of the product commercialized under the collaboration.
Under the licensing agreement, Bristol-Myers Squibb will be responsible for the worldwide development and commercialization for all countries, excluding the Nordic region, where Medivir has retained the Nordic region commercialization rights.
“We are very excited and proud to give Bristol-Myers Squibb, a recognized global leader in HIV/AIDS treatment therapies, the opportunity to develop and commercialize MIV-170. This is the third out-licensing of a Medivir polymerase inhibitor in less than three months and yet another sign that we are delivering on our promises,” said Lars Adlersson, CEO and President, Medivir.
“This collaboration is strongly aligned with Bristol-Myers Squibb’s strategy of focusing on therapies addressing areas of serious medical need,” said Elliott Sigal, Chief Scientific Officer, President, Pharmaceutical Research Institute, Bristol-Myers Squibb. “We believe MIV-170 has the potential to provide HIV/AIDS patients another treatment option, and we look forward to working with Medivir to further develop and commercialize the compound.”
The MIV-170 project represents a new structural class of NNRTIs. A polymerase inhibitor, MIV-170 has demonstrated excellent potency in vitro and an improved barrier to resistance in pre-clinical studies. The MIV-170 compound, pending data results, may provide a new treatment option for HIV patients.
About Bristol-Myers Squibb
Bristol-Myers Squibb is a global pharmaceutical and related healthcare products company whose mission is to extend and enhance human life.
About The Medivir Group
Medivir develops pharmaceuticals for widely prevalent diseases. The goal is to become a self-sustaining, profitable, research-based pharmaceutical company with proprietary products on the market. The company is located in Huddinge, Sweden and Chesterford Research Park, Essex, England.
The group comprises Medivir AB, subsidiary Medivir UK Ltd, Medivir HIV Franchise AB and Medivir Personal AB. At the end of December 2005, the group had 133 employees. In 1996 Medivir was listed on the O list at the Stockholm Stock Exchange (Stockholmsbörsen).
Medivir’s research portfolio embraces projects on hepatitis C, labial herpes, osteoporosis, rheumatoid arthritis (RA), asthma, multiple sclerosis (MS). Medivir has seven individual projects in development, of which one is in phase III development.
Visit Medivir on the World Wide Web at www.medivir.com.
Bristol-Myers Squibb Forward-Looking Statement
This press release contains “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995 regarding product development. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. No forward-looking statement can be guaranteed. Among other risks, there can be no guarantee that the product will receive regulatory approval, or, if approved, will be commercially successful. Forward-looking statements in this press release should be evaluated together with the many uncertainties that affect Bristol-Myers Squibb’s business, particularly those identified in the cautionary factors discussion in Bristol-Myers Squibb’s Annual Report on Form 10-K for the year ended December 31, 2005 and in our Quarterly Reports on Form 10-Q. Bristol-Myers Squibb undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
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