InterMune, a biotech based in Brisbane, Calif., has reached a definitive agreement with Vidara Therapeutics International, part of an international specialty pharmaceutical group of companies with operations in Ireland and the U.S., to sell its rights to Actimmune (interferon gamma-1b)
"Several years ago, we stopped investigating new uses for Actimmune and it became a tactical financial asset for InterMune,” said Dan Welch, chairman, CEO and president of InterMune. “The divesture of Actimmune will provide additional capital for InterMune to continue to focus on and invest in the registration and commercialization of Esbriet (pirfenidone) in Europe and elsewhere and to continue to advance our R&D programs.”
Vidara will pay InterMune $55 million in cash and will grant the former owner a two-year royalty stream. The transaction is expected to close during the second quarter of 2012, subject to satisfaction of certain closing conditions.
Welch added, “The cash infusion from this transaction combined with $377.2 million of existing cash and cash equivalents at the end of Q1 2012 will provide additional financial resources to execute our Vision 2015 strategic plan."