BRISBANE, Calif., May 21, 2012 /PRNewswire/ -- InterMune, Inc. (NASDAQ: ITMN) today announced that it has reached a definitive agreement with Vidara Therapeutics International Limited (Vidara) to sell its rights to Actimmune® (interferon gamma-1b) in a cash transaction valued at $55 million plus a two-year royalty stream. Vidara is part of an international specialty pharmaceutical group of companies with operations in Ireland and the United States.
Dan Welch, Chairman, Chief Executive Officer and President of InterMune said, "Several years ago, we stopped investigating new uses for Actimmune and it became a tactical financial asset for 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. 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."
The transaction with Vidara is expected to close during the second quarter of 2012, subject to satisfaction of certain closing conditions. Locust Walk Partners LLC is acting as exclusive financial advisor to InterMune in connection with the transaction.
About Actimmune®Actimmune is a synthesized version of interferon gamma, a naturally occurring protein believed to stimulate the immune system. Actimmune is indicated for the treatment of two life-threatening congenital diseases: chronic granulomatous disease and severe, malignant osteopetrosis. The most common side effects are flu-like symptoms, including headache, fatigue, fever, chills and rash. Physicians and patients can obtain additional prescribing information regarding Actimmune, including the product's safety profile, by visiting www.actimmune.com.About InterMuneInterMune is a biotechnology company focused on the research, development and commercialization of innovative therapies in pulmonology and orphan fibrotic diseases. In pulmonology, we are focused on therapies for the treatment of idiopathic pulmonary fibrosis (IPF), a progressive and fatal lung disease. Pirfenidone, the only medicine approved for IPF anywhere in the world, is approved for marketing by InterMune in the EU as Esbriet® and is currently in a Phase 3 clinical trial to support regulatory registration in the United States. InterMune's research programs are focused on the discovery of targeted, small-molecule therapeutics and biomarkers to treat and monitor serious pulmonary and fibrotic diseases. For additional information about InterMune and its R&D pipeline, please visit www.intermune.com. Forward-Looking Statements This news release contains forward-looking statements within the meaning of section 21E of the Securities Exchange Act of 1934, as amended, that reflect InterMune's judgment and involve risks and uncertainties as of the date of this release, including without limitation the statements related to our expectations of the uses of the capital from the divesture of Actimmune for investing in the registration and commercialization of Esbriet and the cash infusion to execute our Vision 2015 strategic plan.