Market Overview

Vertex Sells INCIVO Product Royalty Rights to Janssen Pharmaceutica for $152M

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Vertex
Pharmaceuticals Incorporated (NASDAQ: VRTX) today announced that it
has sold its product royalty rights relating to INCIVO®
(telaprevir) to Janssen Pharmaceutica N.V. Under the agreement, Janssen
will make a $152 million cash payment to Vertex in the fourth quarter of
2013 and will cease paying royalties to Vertex on INCIVO sales beginning
in 2014.

"The monetization of INCIVO royalties provides cash to enhance our
corporate financial position and continues to position us to support our
investment in cystic fibrosis and to advance other key opportunities in
our pipeline,” said Ian Smith, Executive Vice President and Chief
Financial Officer of Vertex.

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See full press release

 

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