InterMune has signed a definitive agreement with Vidara Therapeutics International (Vidara) to sell its rights to Actimmune (interferon gamma-1b) in $55m cash transaction and a two-year royalty stream.
Actimmune, a synthesized version of interferon gamma - a naturally occurring protein believed to stimulate the immune system, is indicated for the treatment of two life-threatening congenital diseases: chronic granulomatous disease and severe, malignant osteopetrosis.
InterMune chairman and chief executive officer Dan Welch said several years ago, the company stopped investigating new uses for Actimmune and it became a tactical financial asset for it.
"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," Welch said.
"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 deal is expected to be completed during the second quarter of 2012
Vidara is part of an international specialty pharmaceutical group of companies with operations in Ireland and the US, while InterMune is a biotechnology firm on the research, development and commercialization of therapies in pulmonology and orphan fibrotic diseases.