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news.Medivir has amended the terms of the agreement with Meda for its prescription-based cold sores (herpes labialis) drug - Xerese.
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As per the terms of the amended agreement, Meda will be responsible to pay a sum of $45m to Medivir for transferring of all rights to the product in the US, Mexico and Canada.
Additionally, Meda will also pay single digit royalties to Medivir on sales in the US and full commercial rights outside the US.
Medivir will pay Meda a single digit royalty on these sales.
Moreover, Meda is responsible for the development of this indication for which Medivir will be eligible to receive a $10m development milestone if the product is approved by the US Food and Drug Administration.
Medivir CEO Ron Long said the revised agreement fairly reflects their view of the market potential and provides them with cash proceeds that they can devote both to their R&D projects in the infectious disease area and to other product in licensing opportunities to take advantage of the commercial platform acquired through the acquisition of Biophausia.