Issue Date: June 25, 2007
Shire Licenses Renovo Biologic
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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