XTL Biopharma licenses preclinical antiviral program to Presidio for up to $108M

USA-based XTL Biopharmaceuticals has licensed its preclinical program focused on the NS5A target of the hepatitis C virus to Presidio Pharmaceuticals, a privately-held biotechnology firm focused on the development and commercialization of antivirals, based in San Francisco, California.

Under the license agreement, Presidio becomes responsible for all further development, commercialization activities and costs relating to the NS5A program for an upfront payment of $4.0 million, and up to an additional $104.0 million upon reaching certain development and commercialization milestones. Furthermore, XTL will receive a royalty on direct product sales by Presidio, and a percentage of the firm's income if the program is sub-licensed to a third party.

Presidio's scientific team is headed by Richard Colonno, who until recently was vice president of infectious disease drug discovery at US drug major Bristol-Myers Squibb, where he was responsible for antivirals, including hepatitis C and B and HIV programs. Ram Waisbourd, vice president of business development at XTL, said: "we have great confidence in Presidio's ability to move the program forward rapidly." He noted that Dr Colonno was a major contributor to the discovery and advancement of several antiviral drug candidates into clinical trials, two of which, atazanavir for HIV and entecavir for hepatitis B, are currently-approved drugs.