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Chimerix-SymBio Pharmaceuticals enter license deal for antiviral drug candidate

Chimerix Inc. and SymBio Pharmaceuticals Ltd. entered a deal under which SymBio exclusively licensed the worldwide rights to develop antiviral drug candidate brincidofovir.

Under the agreement, Tokyo's SymBio will obtain the worldwide rights to develop, manufacture and commercialize brincidofovir in all human indications except for the prevention and treatment of smallpox. The Japanese drugmaker will also shoulder all future development, commercialization and manufacturing costs associated with the therapy in the licensed indications.

SymBio will pay Durham, N.C.-based Chimerix $5 million up front, as well as $180 million in potential milestone payments. Chimerix will also be eligible for double digit royalties on worldwide net sales of brincidofovir.

Chimerix said the deal marks the transition of its focus on the final stage of development of brincidofovir as a countermeasure for smallpox, and the phase 3 development of its dociparstat sodium for acute myeloid leukemia. The company added that its deal with SymBio will allow its shareholders to continue to participate in the value of the development of brincidofovir through milestone payments and royalties.

Locust Walk acted as exclusive transaction adviser for Chimerix, while Cooley LLP acted as the company's legal counsel.