Business & Finance
Medivir and TetraLogic renegotiate birinapant agreement
11 December 2020 -

Medivir AB (STO:MVIR), a Swedish developer of drugs with a focus on cancer where the unmet medical needs are high, has renegotiated its agreement with TetraLogic Pharmaceuticals Corporation (OTCMKTS:TLOG), the company revealed on Friday.

The amended agreement changes the financial obligations concerning birinapant, a SMAC mimetic, for the treatment of solid cancer tumours. Birinapant is being developed to enhance responses, and extend survival, of patients with solid tumours where existing treatments do not provide sufficient survival benefit, or where patients no longer have treatment options.

Medivir acquired birinapant from TetraLogic in 2016 and the original agreement included milestone payments with predetermined amounts as well as royalty obligations to TetraLogic if and when Medivir develops, markets or out-licenses birinapant further. Under the renegotiated agreement, the compensation to be paid by Medivir is now based solely on potential future revenues.

"This aligns and benefits both parties as the new agreement creates significantly improved conditions for a potential out-licensing or sale in our continued business development efforts with birinapant," commented Yilmaz Mahshid, CEO of Medivir.