GlaxoSmithKline Gets Exclusive Rights To Medivir's Xerclear

23rd Jun 2010 07:42

LONDON (Dow Jones)--GlaxoSmithKline PLC (GSK), a research-based pharmaceutical and healthcare firm, and Medivir (MVIR-B.SK) Wednesday announced an exclusive agreement for the commercialization of cold sore treatment, Xerclear (acyclovir and hydrocortisone) for non-prescription use in key global markets. MAIN FACTS: -Under the terms of the agreement, GSK gains exclusive rights to commercialize and distribute non-prescription Xerclear as part of the Zovirax franchise, across multiple markets, including Europe, Russia, Japan, India, Australia and New Zealand. -Agreement excludes North and South America, China, South Korea and Israel. -GSK will assume responsibility for funding ongoing and future commercial development of Xerclear in all territories covered by the agreement. -GSK will also pay up to EUR3 million in up-front and pre-launch milestones and up to double-digit royalties on sales to Medivir for the exclusive rights. -GSK shares closed Tuesday at 1188.5 pence valuing the company at GBP61.71 billion. -By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; [email protected] (END) Dow Jones Newswires June 23, 2010 02:42 ET (06:42 GMT)