Bristol-Myers
Squibb, Medivir join HIV drug pact

Drugmaker Bristol-Myers Squibb Co. and Swedish drug developer Medivir AB said Wednesday they entered a collaboration to develop and sell a new HIV treatment.

Under the agreement, Princeton, N.J.-based Bristol-Myers will pay Medivir $7.5 million up front to help develop Medivir's MIV-170 drug candidate. Medivir could also receive up to $97 million in milestone payments and additional royalties on sales of the treatment if it makes it to market.

Bristol-Myers would get all world rights to MIV-170 except for rights in Medivir's Nordic region. (AP)