CytoDyn has entered into an agreement to purchase Progenics Pharmaceuticals' proprietary humanized monoclonal antibody HIV viral-entry inhibitor drug candidate, PRO 140, for $3.5m.
Upon successful continued clinical development of PRO 140, CytoDyn will pay subsequent milestone payments to Progenics and based on net sales upon commercialization following final FDA approval royalty payment will be provided.
Closing of the transaction, which is currently expected to take place in the next three months, is subject to the satisfaction of a number of closing conditions including government authorities approval.
CytoDyn board chairman Gregory Gould said the acquisition of PRO 140 will enable the company to add a new HIV drug to its pipeline of potential anti-viral therapeutics along with Cytolin.
"We intend to move forward with the necessary clinical trials to bring both of these potential treatments for HIV to market; and, if we are successful in the development of one or both of these therapies, this could lead to a paradigm shift in the treatment of HIV/AIDS with significant benefits for patients worldwide," Gould added.