NeuroVive Pharmaceutical, Oncore Biopharma ink $150M agreement
NeuroVive Pharmaceutical, a Swedish mitochondrial medicine company, has signed an exclusive global out-licensing agreement with the Pennsylvania-based OnCore BioPharma for the development and commercialization of NeuroVive’s drug candidate NVP018 for oral treatment of chronic hepatitis B virus (HBV) infection. The agreement could give NeuroVive a total of $150 million in conditional milestone payments, plus royalties on future drug sales.
The licensing agreement provides OnCore with the exclusive global rights to develop oral formulations of NVP018 for the treatment of chronic hepatitis B infection. The compensation to NeuroVive consists of an initial upfront payment plus a number of conditional payments based on pre-determined milestones and as well payments relating to sales targets. In addition, NeuroVive will receive incremental royalty payments based on gross revenue from future sales of NVP018. The exact terms of the agreement regarding payments and royalty figures have not been disclosed.
“We perceive considerable potential in NVP018 and consider this agreement to be an important step toward developing a successful treatment for chronic hepatitis B. Our objective is to cure chronic hepatitis B, building on our success in hepatitis C at Pharmasset,” said Dr. Michael Sofia, chief scientific officer at OnCore.