InterMune, Inc. has reached a definitive agreement to sell its Actimmune (interferon gamma-1b) rights to Vidara Therapeutics International Ltd. for $55 million in cash, plus two years of royalty payments. Vidara is part of an international specialty pharma group of companies with operations in Ireland and the U.S. The transaction is expected to close during 2Q12, subject to certain closing conditions.
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 1Q12 will provide additional financial Resources to execute our Vision 2015 strategic plan."