Myriad acquires HIV drug in $7M deal

Myriad Pharmaceuticals is paying $7 million to acquire an experimental HIV therapy from Panacos. Billed as a new class of HIV drug, bevirimat inhibits HIV isolates that are resistant to currently approved therapies. The payment covers the entire program which is currently in a Phase IIb trial with a new table formulation that researchers believe will be more efficacious than an earlier solution.

"Based on the progress that Panacos has made with bevirimat and the results to date, Myriad Pharmaceuticals believes that bevirimat has great potential for the treatment of patients infected with HIV," said Adrian Hobden Ph.D., president of Myriad Pharmaceuticals. "We will work diligently to advance this compound through clinical development so that it can become a valuable addition to the drugs currently available to treat this terrible disease."

- check out the Myriad's release

Related Articles:
Myriad's Meldrum picked as best biotech CEO
Myriad splits diagnostic, pharma business
JPMorgan steps in for Myriad Genetics review
Cash-hungry Panacos slashes staff, looks for buyer
Panacos surges on HIV response data