HUDDINGE, Sweden, May 20, 2003 (PRIMEZONE) -- GlaxoSmithKline (NYSE:GSK) and Medivir today announce that they have signed a licensing agreement for MIV-210, a nucleoside analogue reverse transcriptase inhibitor (NRTI) that has recently begun phase I clinical development. GSK's primary focus will be the continued development of MIV-210 for the treatment of HIV. MIV-210 is active against HIV in both cell culture and in vivo models. The in vitro data indicate that MIV-210 has a unique resistance profile and retains activity against HIV strains that have become resistant to other NRTIs currently on the market. Data available thus far show that the compound has a good pharmacokinetic profile.
Under the terms of the agreement GSK will make payments totaling up to 86m Euros dependent on successful achievement of milestones. The upfront payment amounts to 6m Euros. On reaching the market GSK will pay royalty on product sales.
GSK will be responsible for pharmaceutical development and will have exclusive, worldwide marketing rights, except for in the Nordic countries (Denmark, Finland, Iceland, Norway and Sweden), which have been retained by Medivir.
"We are proud that MIV-210 has enabled us to attract yet another of the world's leading pharmaceutical companies into a collaboration which we hope may one day contribute to a longer and more bearable life for people living with the increasingly resistant HIV," says Medivir's CEO Lars Adlersson.
"We are delighted that Medivir have chosen to collaborate with GSK for the development of this interesting NRTI with a unique in vitro profile of activity against NRTI resistant virus," said Ken Batchelor, Senior Vice President, Metabolic & Viral Diseases Centre of Excellence for Drug Discovery at GlaxoSmithKline.
Currently there are 40 million HIV/AIDS-infected individuals in the world, of which 1.4 million are in the West. A considerable proportion of these exhibit antiviral resistance. In a newly published study, it was revealed that 70% of the patients were resistant to treatment with NRTI antivirals.
GlaxoSmithKline
One of the world's leading research-based pharmaceutical and healthcare companies -- is committed to improving the quality of human life by enabling people to do more, feel better and live longer.
For company information, visit GlaxoSmithKline on the World Wide Web at www.gsk.com.
The Medivir Group
Medivir is an innovative, specialist research corporation that produces and develops pharmaceuticals. The company is located in Huddinge, Sweden and Cambridge, UK. Medivir's research is focused on developing new drug compounds based on proteases and polymerases as target enzymes.
The group comprises Medivir AB, the subsidiaries Medivir UK Ltd. and CCS AB, plus second-tier subsidiaries CCS (UK) Ltd. and Nordic Care Sweden AB. CCS develops, manufactures and markets skin-care products and pharmaceuticals. Medivir has been quoted on the Stockholm Stock Exchange since 1996.
Medivir's research portfolio includes projects against HIV, jaundice, shingles, cold sores, osteoporosis, RA (rheumatoid arthritis), asthma and MS (multiple sclerosis).
Medivir has four projects in clinical development phases, two of which are entering phase III after completing phase II. One project is in phase I and one is in phase II.
In the first stage of preclinical pharmaceutical discovery, Medivir has some ten activities in explorative activities; the second, lead identification, encompasses three projects. The third stage, optimization, has one project, and two projects entering this phase. One project-MV026048-is in preclinical development, the stage closest to clinical development.
For additional information, please see Medivir's website; www.medivir.com
Medivir Enquires
Rein Piir CFO/IR Medivir +46 8 546 83123; mobile +46 708 53 72 92
GSK Enquires:
Martin Sutton +44 (020) 8047 5502
UK Media:
David Mawdsley +44 (020) 8047 5502
US Media: Nancy Pekarek +1 (215) 751 7709
Mary Anne Rhyne +1 (919) 483 2839
Patricia Seif +1 (215) 751 7709
European Analyst/Investor: Duncan Learmouth +44 (020) 8047 5540
Anita Kidgell +44 (020) 8047 5542
Philip Thomson +44 (020) 8047 5543
US Analyst/ Investor: Frank Murdolo +1 (215) 751 7002
Tom Curry +1 (215) 751 5419
This information was brought to you by Waymaker http://www.waymaker.net
The following files are available for download:
http://www.waymaker.net/bitonline/2003/05/20/20030520BIT00970/wkr0001.doc
http://www.waymaker.net/bitonline/2003/05/20/20030520BIT00970/wkr0002.pdf