Panacos Pharmaceuticals Inc., a Watertown biotechnology company, said it has sold the rights and assets of bevirimat, a potential HIV drug, for $7 million.
The buyer is another biotech firm, Myriad Pharmaceuticals Inc. of Salt Lake City, Panacos said.
In a statement, Panacos president and chief executive Alan W. Dunton said: "Our goal has been to develop drugs with novel mechanisms of action to give people living with HIV new treatment options. In order to achieve this goal and to manage capital resources in the current market environment, we chose to sell bevirimat to Myriad Pharmaceuticals. Myriad Pharmaceuticals has the development infrastructure and financial resources that are essential both for success of the compound as it moves into late-stage clinical testing and through FDA review. Myriad Pharmaceuticals' commitment will ensure the continued development of bevirimat for the benefit of HIV-infected patients. We now turn our full attention to our other promising HIV programs and seeking additional financing and partnerships to continue the development of our spectrum of HIV programs."