STOCKHOLM, March 16, 2020 /PRNewswire/ -- Medivir AB (Nasdaq Stockholm: MVIR) today announced that it has entered into a license agreement with US biotech company Tango Therapeutics for one of Medivir's preclinical research programs. Under the terms of the agreement, Medivir will receive an undisclosed upfront payment and is eligible to receive multiple undisclosed development and commercial milestones as well as low single-digit royalties on future products.
"We are pleased to see one of our promising preclinical assets finding a new home for further exploration by a very exciting company" said Dr Christina Herder, EVP & COO of Medivir.
"Synthetic lethality as the basis for a cancer drug target discovery engine holds tremendous promise, exemplified by the number of novel context-dependent cancer drug targets we have discovered using this approach in the past few years," said Barbara Weber, MD, Tango's President and Chief Executive Officer. "In-licensing this program from Medivir will help us to capitalize on a novel synthetic lethal interaction and accelerate an important program."
About Tango Therapeutics
Tango Therapeutics is a biotechnology company dedicated to discovering novel drug targets and delivering the next generation of targeted therapies to people with cancer. Using an approach that starts and ends with patients, Tango leverages the genetic principle of synthetic lethality to discover and develop therapies that take aim at driver genes in cancer. The company is focused on three core areas: counteracting tumor suppressor gene loss, reversing the ability of cancer cells to evade the immune system and identifying novel combinations that will be more effective than single agent therapy. Tango was launched in 2017 with a $55 million Series A investment from Third Rock Ventures and announced a strategic collaboration with Gilead Sciences in November 2018 with a $50 million upfront payment. For more information, please visit www.tangotx.com.
Medivir develops innovative drugs with a focus on cancer where the unmet medical needs are high. The drug candidates are directed toward indication areas where available therapies are limited or missing and there are great opportunities to offer significant improvements to patients. Collaborations and partnerships are important parts of Medivir's business model and the drug development is conducted either by Medivir or in partnership. Medivir's lead program is MIV-818, a liver cancer-directed nucleotide prodrug, currently in clinical phase I. Medivir's share (ticker: MVIR) is listed on Nasdaq Stockholm's Small Cap list. www.medivir.com.
For further information, please contact:
Dr Uli Hacksell, CEO, Medivir AB, phone: +46 (0)8-5468-3100.
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