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.