BRISBANE, Calif., June 20, 2012 /PRNewswire/ -- InterMune, Inc. (NASDAQ: ITMN) today announced that on June 19, 2012, the company completed the previously announced sale of its rights to Actimmune® (interferon gamma-1b) to Vidara Therapeutics International Limited (Vidara). Vidara is part of an international specialty pharmaceutical group of companies with operations in Ireland and the United States.
Gross proceeds from the sale totaled $55.0 million. In addition, InterMune is eligible to receive a two-year royalty stream based on net sales of Actimmune, which is expected to contribute an aggregate amount of approximately $2-$4 million over the two-year period.
Dan Welch, Chairman, Chief Executive Officer and President of InterMune said, "We are pleased to complete the divestiture of Actimmune. The cash infusion from this transaction combined with $377.2 million of existing cash and cash equivalents at the end of Q1 2012, and our new estimates for lower operating expenses in 2012, will provide additional financial flexibility as we launch Esbriet® (pirfenidone) in Europe and work to make the medicine available to idiopathic pulmonary fibrosis patients in the United States and in other countries."
Guidance for 2012 ExpensesThe company today updated its forward-looking financial guidance for operating expenses in 2012, initially provided on January 5, 2012:
- R&D expense: currently anticipated to be in a range of $90 to $105 million (previously $95 to $115 million). The updated R&D expense range reflects anticipated timing of completion of enrollment in the ASCEND Phase 3 study, which is currently expected around the end of 2012, as well as a delay of investments in certain non-Esbriet R&D activities.
- SG&A expense: currently anticipated to be in a range of $110 to $130 million (previously $120 to $145 million). The updated SG&A expense range reflects the company's current expectations for the timing of the completion of pricing and reimbursement discussions for Esbriet in Europe.
- Total Operating Expenses (R&D and SG&A): currently anticipated to be in a range of $200 to $235 million (previously $215 to $260 million).