Matrix Pharma, Medeva deal

MATX will repurchase the European marketing rights to MATX's AccuSite injectable gel product from Medeva for $2 million. As a result of the deal, MATX will forgo up to $10 million in milestone payments from Medeva, which will retain its 5 percent equity stake in the Menlo Park, Calif., company.

Under the 1993 agreement, Medeva was responsible for regulatory approvals in the U.K., while MATX was responsible for clinical development and manufacturing. In August, MATX filed for U.K. marketing approval of the drug to treat genital warts. Medeva was contractually obligated to have a sales force of 30 specialists nine months after the NDA filing. ...