Important note: Information in this article was accurate in 1995. The state of the art may have changed since the publication date.
PR Newswire - 20 December 1995
Under the terms of the agreement, Abbott will have worldwide, exclusive licensing rights to all compounds developed during the collaboration. In addition, Abbott will have worldwide, exclusive licensing rights to various existing Medivir patents on anti-viral compounds, including H2G and a non-nucleoside reverse transcriptase inhibitor for the treatment of AIDS. H2G is in development for treatment of herpes and related conditions such as shingles.
The agreement is for three years, with Abbott holding the right to extend the collaboration for an additional two years. Medivir will receive R&D payments, milestone payments and a royalty on the sales of any product resulting from the collaboration. Specific financial terms were not disclosed.
"Our relationship with Abbott is of great significance to Medivir," said Kurt Ryde, Medivir's chief executive officer. "This agreement is important in two ways: it allows us to establish a relationship with one of the world's leading health care companies, which has strong resources in our own field of expertise; as well as provide funding to support a portion of Medivir's anti-viral research."
"Abbott is a long-time leader in the anti-infective market," said Andre Pernet, vice president, pharmaceutical products research and development, Abbott Laboratories. "While our expertise has traditionally been in anti-bacterial drugs, such as clarithromycin and erythromycin, we have begun to establish a scientific presence in the anti-viral field with our HIV protease inhibitor, ritonavir. We think this collaboration will further strengthen our position in the anti-infective market."
Abbott Laboratories is a diversified worldwide health care company devoted to the discovery, development, manufacture and marketing of pharmaceutical, nutritional, diagnostic and hospital products. The company employs 50,000 people. In 1994, the company's sales and net earnings were $9.2 billion and $1.5 billion, respectively, with earnings per share of $1.87.
Medivir AB is a virology research company employing approximately 20 people. Medivir recently acquired CCS in Borlange, a manufacturer of skin care products with approximately 40 employees. Together, the turnover of the two companies is 90 million SEK annually.
CONTACT: Kurt Ryde of Medivir, 011-46-8-746-02-10/
Copyright (c) 1995/PR NewsWire. Reproduced with permission. Reproduction of this article (other than one copy for personal reference) must be cleared through the Permissions Desk, PR Newswire, 810 Seventh Avenue, New York, NY 10019.
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