Bevirimat, a First-in-Class Maturation Inhibitor, Represents a New Class of HIV Drugs
News Jan 22, 2009
Myriad Pharmaceuticals, Inc. has announced that it has acquired all rights to bevirimat from Panacos Pharmaceuticals, Inc. for an upfront payment of $7M.
The upfront payment represents the total payment for bevirimat and will be expensed by Myriad Genetics, Inc., the parent company of Myriad Pharmaceuticals, during its third fiscal quarter ending March 31, 2009.
Myriad Pharmaceuticals has no future milestone or royalty obligations to Panacos. The assets include all patents and patent applications related to the compound, all product inventories, ownership of all clinical data and all rights to regulatory filings. Myriad will assume control of all clinical and commercial development going forward.
"Based on the progress that Panacos has made with bevirimat and the results to date, Myriad Pharmaceuticals believes that bevirimat has great potential for the treatment of patients infected with HIV," said Adrian Hobden Ph.D., President of Myriad Pharmaceuticals, Inc. "We will work diligently to advance this compound through clinical development so that it can become a valuable addition to the drugs currently available to treat this terrible disease."