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InterMune
Sells Danoprevir Rights to Roche for $175 Million
Brisbane,
Calif. -- October 6, 2010 -- InterMune, Inc. (Nasdaq:
ITMN) today announced that it has sold worldwide development
and commercialization rights to danoprevir (also known
as RG7227 or ITMN-191) to Hoffman-La Roche Inc. and F.
Hoffman-La Roche Ltd. for $175 million in cash. In connection
with this transaction, the collaboration agreement that
InterMune and Roche entered into in October 2006 has been
terminated. In addition, the companies are actively exploring
ways to continue their ongoing work together on other
HCV research programs. InterMune noted that as a result
of this transaction, the company will make no further
investment in danoprevir and that, including net proceeds
from the transaction, it currently expects to have a cash
balance of approximately $290 million at the end of 2010.
Dan
Welch, Chairman, Chief Executive Officer and President
of InterMune said, "After conducting a careful review
of our strategy and financial position, we have decided
to divest our rights to danoprevir to Roche. This transaction
provides a very substantial non-dilutive cash infusion
that allows us to continue to independently and aggressively
pursue the registration and commercialization of pirfenidone
in the US and EU, and eliminates our obligation to make
significant ongoing investments related to the further
development and commercialization of danoprevir. We are
now in a very strong financial position that provides
us with the resources and flexibility to maximize the
value of pirfenidone, our largest and nearest-term value
creation opportunity."
About
InterMune
InterMune
is a biotechnology company focused on the research, development
and commercialization of innovative therapies in pulmonology
and hepatology. InterMune has an R&D portfolio addressing
idiopathic pulmonary fibrosis (IPF) and hepatitis C virus
(HCV) infections. The pulmonology portfolio includes pirfenidone
for which InterMune has completed a Phase 3 program in
patients with IPF (CAPACITY). A Marketing Authorization
Application (MAA) for pirfenidone is under review by the
European Medicines Agency (EMA). The hepatology portfolio
includes next-generation HCV protease inhibitor and NS5A
research programs.
For
additional information about InterMune and its R&D
pipeline, please visit www.intermune.com.
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