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| | Janssen Pharmaceutica Announces Collaboration with Vertex Pharmaceuticals to... |
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date: Jul 4th 2006 11:46
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Develop and Commercialize VX-950 for Treatment of Hepatitis C. Janssen Obtains Exclusive Rights in Europe and Other Regions
Johnson & Johnson announced today that Janssen Pharmaceutica N.V., has entered into a collaboration with Vertex Pharmaceuticals Incorporated to develop and commercialize Vertex s investigational hepatitis C virus (HCV) protease inhibitor, VX-950. Under the agreement, Janssen will have exclusive rights in Europe, South America, the Middle East, Africa and Australia. Vertex will retain exclusive commercial rights to VX-950 in North America. Tibotec Pharmaceuticals, Ltd., another Johnson & Johnson company, will lead the development and commercialization of VX-950 for Janssen.
Terms of the Agreement
Terms of the transaction include a before-tax upfront payment of $165 million, which will be expensed in the second quarter. In addition, there will be additional payments contingent upon successful development, approval and launch of VX-950 in the regions where Janssen has commercial rights and reimbursement of certain drug development costs. The agreement also includes a royalty on product sales in Europe, South America, the Middle East, Africa and Australia.
The Company anticipates that the $165 million payment will largely be offset by other non-recurring gains recognized over the balance of the year. Therefore, this transaction is not expected to impact full year guidance.
About VX-950
VX-950 is an investigational oral inhibitor of hepatitis C virus protease, an enzyme essential for viral replication, and is one of the most advanced investigational agents that specifically targets HCV. In clinical studies to date, researchers have observed rapid and dramatic antiviral activity with VX- 950 and no patients have discontinued treatment and no serious adverse events have been reported.
About Hepatitis C
Hepatitis C is a liver disease caused by the hepatitis C virus, which is found in the blood of people with the disease. HCV, a serious public health concern affecting 170 million people worldwide, is spread through direct contact with the blood of infected people. Though many people with hepatitis C may not experience symptoms, others may have symptoms such as jaundice, abdominal pain, fatigue and fever. Hepatitis C significantly increases a person s risk of developing chronic liver disease, cirrhosis, liver cancer and death. The burden of liver disease associated with HCV infection is increasing, and current therapies only provide sustained benefit in about 50 percent of patients with genotype 1 HCV, the most common strain of the virus. Specifically targeted antiviral therapies for HCV in clinical development may have the potential to increase the proportion of patients in who the virus can be eradicated.
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