Renovo and Shire amend key deal
NORTH West medical research company Renovo has amended a key licensing deal with long term partner Shire Pharmaceuticals.
The Manchester company, which is pioneering anti-scarring drugs, said the new arrangement would allow it to market lead product Juvista in all territories other than the USA, Mexico and Canada.
The original deal, struck with Shire in 2007, just gave Renovo the rights to Juvista within the EU. It is potentially worth hundreds of millions of pounds, but depends on regulatory clearance and the commercial success of the product.
The new agreement does not alter the original financial terms of the agreement, except that Shire has agreed a new $5m milestone payment to Renovo when Shire begins a clinical trial.
Renovo founder and chief executive Professor Mark Ferguson said: “We are delighted to refine our strong collaboration with Shire on the development and commercialisation of Juvista.
“Shire retains the rights to the major North American market where they have a significant sales infrastructure.
“Renovo gains the rights to the rest of the world, and the ability to sublicense in any or all of its territories, providing an opportunity to generate significant additional future revenues.”
He said the first EU Phase III trial for Juvista was on track to report in the first half of next year.
