PAOLI, Pa., Dec. 29, 2016 (GLOBE NEWSWIRE) -- TetraLogic Pharmaceuticals Corporation (NASDAQ:TLOG) and its wholly-owned subsidiary TetraLogic Research and Development Corporation announced that they have completed the sale to Medivir AB (Nasdaq Stockholm:MVIR) of their SMAC mimetic program, including their clinical stage asset birinapant, and their topical HDAC inhibitor, remetinostat (SHAPE), to Medivir for a purchase price of (i) $12 million payable in cash at closing plus (ii) milestone payments of up to $153 million based on the development and commercialization of TetraLogic’s product candidates by Medivir subject to certain conditions and limitations described in the Asset Purchase Agreement for the Sale and (iii) additional earn-out payments based on annual net sales of birinapant, subject to certain conditions and limitations described in the Asset Purchase Agreement for the Sale as follows:

• the Company will be entitled to 5% of annual net sales from $0 to $500,000,000;
• the Company will be entitled to 7.5% of annual net sales from $500,000,000 to $1,000,000,000; and
• the Company will be entitled to 10% of annual net sales above $1,000,000,000.

Medivir also assumed certain assumed liabilities.

The transaction was approved by the holders of TetraLogic’s outstanding convertible debt and by a vote of TetraLogic’s stockholders holding a majority of the shares eligible to vote, at a stockholders’ meeting held on December 29, 2016.