Roche acquires global rights to InterMune's hep C drug danoprevir for $175 million
US biotech firm InterMune (Nasdaq: ITMN) has sold worldwide development and commercialization rights to its hepatitis C drug candidate danoprevir (also known as RG7227 or ITMN-191) to Swiss drug major Roche (ROG.VX) for $175 million in cash. InterMune's shares jumped 9.1% to $14.67 in after-hours trading as a result of the deal.
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 deal, it currently expects to have a cash balance of approximately $290 million at the end of 2010.
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