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news.Valeant Pharmaceuticals has agreed to pay up to $136 million to InterMune for US and Canadian rights to the hepatitis C drug, Infergen.
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Under the terms of the deal, Valeant will pay $113.5 million in cash upon closing, and subsequent milestone payments of up to approximately $22.5 million.
Valeant will also acquire an estimated $6.5 million in inventory from InterMune. The transaction was approved by Valeant’s board of directors and is expected to close in late 2005.
Sales of Infergen were $22 million in 2004. For the first nine months of 2005, sales of Infergen increased by 79% to $25.3 million compared to $14.2 million for the first nine months of 2004.
The drug is also being studied in ongoing clinical trials to establish additional labeling for daily use with ribavirin. Enrollment in a phase III trial evaluating the drug in this indication was completed in mid-2005 with 514 patients at 40 sites in the US.
“The acquisition of Infergen will have an immediate sales impact on Valeant and provide us with a valuable addition to one of our core therapeutic areas,” said Timothy Tyson, Valeant’s president and CEO.