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Drug Names(s): PA-457, PA-457N, PA103001, PA103001-01, PA103001-04, MPC-4326, PA-457 di-NMG, DSB*2NMG
Description: Bevirimat (PA-457) is the first in a new class of oral HIV drugs discovered by Panacos scientists that inhibit virus maturation, the last stage of the virus life cycle. It is designed to combat drug resistance, which occurs in most HIV patients treated with currently available drugs and is the leading cause of treatment failure. Bevirimat works by a mechanism different from that of any approved drug or other drug in development, by blocking a key step in the processing of a viral core protein called capsid.
Deal Structure: V.I. Technologies (Vitex) closed its merger withPanacos Pharmaceuticals in March 2005. Under the terms of the merger, Vitex will issue approximately 227.5 million shares to Panacos stockholders to acquire all of the outstanding shares of Panacos. The transaction is considered a reverse merger under which Panacos is considered the acquirer of Vitex.
In January 2009, Myriad Pharmaceuticals announced that it acquired all rights to bevirimat from Panacos Pharmaceuticals for an upfront payment of $7M. The upfront payment represents the total payment for bevirimat. 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.
In July 2009, Myriad Genetics announced the successful completion of the spin off of...See full deal structure in Biomedtracker
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