InterMune to Divest Actimmune® (Interferon Gamma-1b)
-- To divest Actimmune for $55 million in cash plus a two-year royalty stream --
-- Transaction provides additional financial flexibility --
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.
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.
InterMune 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.
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.
Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause actual results to be materially different from any results expressed or implied by such forward-looking statements. For example, there are risks associated with the closing of the transaction for the divesture of Actimmune, including the ability of Vidara and InterMune to satisfy the conditions to closing. Other factors that could cause or contribute to such differences include, but are not limited to, those discussed in detail under the heading "Risk Factors" in InterMune's most recent annual report on Form 10-K filed with the Securities and Exchange Commission (SEC) on February 29, 2012 (the "Form 10-K") and quarterly report on Form 10-Q for the three months ended March 31, 2012 filed with the SEC on May 10, 2012 (the "Form 10-Q"), and other periodic reports filed with the SEC, including but not limited to the following: (i) risks related to unexpected regulatory actions or delays or government regulation generally; (ii) risks related to our ability to successfully launch and commercialize Esbriet in the EU, including successfully establishing a commercial operation in the EU and receiving favorable governmental pricing and reimbursement approvals in each EU country; and (iii) InterMune's ability to obtain or maintain patent or other proprietary intellectual property protections. All forward-looking statements and other information included in this press release are based on information available to InterMune as of the date hereof, and InterMune assumes no obligation to update any such forward-looking statements or information. InterMune's actual results could differ materially from those described in InterMune's forward-looking statements. The risks and other factors discussed above should be considered only in connection with the fully discussed risks and other factors discussed in detail in the Form 10-K and Form 10-Q and InterMune's other periodic reports filed with the SEC, all of which are available via InterMune's web site at www.intermune.com.
Actimmune® and Esbriet® are registered trademarks of InterMune, Inc.
SOURCE InterMune, Inc.