Shire agrees deal with Renovo over Juvista

UK-based Shire Pharmaceuticals has announced it has agreed to in-license biopharmaceutical drug candidate Juvista from Renovo, the scar prevention and reduction research company.

The license includes worldwide exclusivity rights outside the EU, with the product currently in late phase II trials ahead of phase III trials planned to begin in mid-2008.

Juvista is a treatment for the reduction and prevention of scarring connected with both therapeutic and cosmetic surgery, with Shire believing the product could become a market leader in the field.

“Shire’s strength in commercialisation of specialty products combined with proven experience of building new specialty markets where patient need is high, through the introduction of novel treatments, makes us the ideal partner for Renovo in the development of Juvista,” said Matthew Emmens, chief executive of Shire.

The deal will see Shire make an initial payment of $75 million to Renovo, with a further $50 million equity investment.

Milestone payments and royalties have also been agreed and Shire will also pay the full costs of clinical trials as the product seeks US approval.

Shire was founded in the UK in 1986 by a team of four entrepreneurs.