ContraVir obtains HBV candidate, investment from Chimerix

Chimerix Inc. (NASDAQ:CMRX) granted ContraVir Pharmaceuticals Inc. (OTCBB:CTRV) exclusive, worldwide rights to develop and commercialize CMX157 for HBV and HIV. Chimerix will receive up front 120,000 shares of ContraVir preferred stock valued at $1.2 million and will be eligible for $20 million in clinical, regulatory and initial sales milestones in the U.S. and Europe, plus royalties and additional commercial milestones.

The new deal comes after Merck & Co. Inc. (NYSE:MRK) in May terminated its partnership to develop and commercialize CMX157 for HIV. At the time, Chimerix said Merck dropped the 2012 deal after a pipeline portfolio assessment, and the biotech said it did not plan to develop the compound on its own. ...