Interventional firm Guidant has acquired the right to use bioabsorbable polymer technologies specifically designed for vascular use by MediVas, a San Diego-based company. The agreement provides Guidant with an exclusive worldwide license to the bioabsorbable polymer products, related preclinical and clinical data, and intellectual property for use with drugs in its "rolimus" family, as well as a nonexclusive license for use with certain other therapeutic agents.
Everolimus is Guidant’s lead drug in its drug-eluting stent program.
Under the agreement, MediVas will receive an up-front cash payment of $35 million, which will be recorded as in-process research and development in Guidant's third quarter, and may receive additional payments based on the achievement of development milestones. MediVas also may receive royalties on Guidant’s sales of licensed products utilizing the technology, the Indianapolis-based company said.
By AuntMinnie.com staff writersSeptember 2, 2003
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