GlaxoSmithKline PLC (GSK), a research-based pharmaceutical and healthcare firm, and Medivir (MVIR-B.SK) Wednesday announced an exclusive agreement for the commercialization of cold sore treatment, Xerclear (acyclovir and hydrocortisone) for non-prescription use in key global markets.

MAIN FACTS:

-Under the terms of the agreement, GSK gains exclusive rights to commercialize and distribute non-prescription Xerclear as part of the Zovirax franchise, across multiple markets, including Europe, Russia, Japan, India, Australia and New Zealand.

-Agreement excludes North and South America, China, South Korea and Israel.

-GSK will assume responsibility for funding ongoing and future commercial development of Xerclear in all territories covered by the agreement.

-GSK will also pay up to EUR3 million in up-front and pre-launch milestones and up to double-digit royalties on sales to Medivir for the exclusive rights.

-GSK shares closed Tuesday at 1188.5 pence valuing the company at GBP61.71 billion.

-By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; ian.walker@dowjones.com
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