Benzinga | Jun 16, 2021 09:26AM EDT

Atea Pharma Secures AT-527-Related Milestone Payment Of $50M From Roche

* Atea Pharmaceuticals Inc (NASDAQ:AVIR) has achieved a development milestone associated with AT-527 and expects to receive a related payment under its license agreement with Roche Holding AG (OTC:RHHBY) of $50 million.

* Under the license agreement, Roche and Atea are jointly developing AT-527 for the treatment of COVID-19.

* Atea retains rights to commercialize AT-527 in the U.S., and Roche has the exclusive right to commercialize AT-527 outside of the U.S.

* AT-527 is an orally administered, direct-acting antiviral developmental agent in Phase 3 development to treat COVID-19.

* In April, the first patient was dosed in the Phase 3 MORNINGSKY trial evaluating AT-527 in mild or moderate COVID-19 patients in an outpatient setting.

* Price Action: AVIR shares closed at $23.85 on Tuesday.