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Pharmaceuticals
Shire Licenses Renovo Biologic
June 25, 2007
| A version of this story appeared in
Volume 85, Issue 26
Shire has licensed the right to develop and commercialize the scar reduction drug Juvista from fellow British firm Renovo. Shire will pay $75 million up front and buy $50 million of Renovo's stock. Juvista, human recombinant transforming growth factor β3, is in Phase II clinical trials. Renovo will receive up to $150 million if FDA approves the drug and up to $525 million in milestone and royalty payments. Renovo estimates the U.S. market for a scar-reducing drug would be $4 billion.
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