Bristol-Myers Squibb Company and Medivir AB announced a worldwide collaboration to develop and commercialize MIV-170, a preclinical non-nucleoside reverse transcriptase inhibitor, or NNRTI, intended for the treatment of HIV-1 infection in adults as part of an antiretroviral drug regimen.

Terms of the agreement include an upfront payment from Bristol-Myers Squibb of $7.5 million to Medivir. Medivir also may receive pre-specified development and regulatory milestones totaling approximately $97 million from the collaboration, as well as up to double-digit royalties on sales of the product commercialized under the collaboration, a BMS release stated.

Under the licensing agreement, Bristol-Myers Squibb will be responsible for the worldwide development and commercialization for all countries, excluding the Nordic region, where Medivir has retained the Nordic region commercialization rights.

"We are very excited and proud to give Bristol-Myers Squibb, a recognized global leader in HIV/AIDS treatment therapies, the opportunity to develop and commercialize MIV-170. This is the third out-licensing of a Medivir polymerase inhibitor in less than three months and yet another sign that we are delivering on our promises," said Lars Adlersson, CEO and president, Medivir.

"This collaboration is strongly aligned with Bristol-Myers Squibb's strategy of focusing on therapies addressing areas of serious medical need," said Elliott Sigal, Chief Scientific Officer, President, Pharmaceutical Research Institute, Bristol-Myers Squibb. "We believe MIV-170 has the potential to provide HIV/AIDS patients another treatment option, and we look forward to working with Medivir to further develop and commercialize the compound."

The MIV-170 project represents a new structural class of NNRTIs. A polymerase inhibitor, MIV-170 has demonstrated excellent potency in vitro and an improved barrier to resistance in pre-clinical studies. The MIV-170 compound, pending data results, may provide a new treatment option for HIV patients.