GSK licenses Idenix HIV drug for $450M

GSK has inked a $450 million deal for Idenix Pharmaceutical's experimental HIV/AIDS drug, IDX899. Idenix gets a $34 million up-front payment; half was cash and the rest came from a purchase of Idenix stock at $6.87 per share. The company could earn up to $416 million in development, regulatory and sales milestones, in addition to double-digit worldwide royalties if the treatment is approved. GSK is taking over all development responsibility and costs for IDX899.

IDX899, a once-a-day non-nucleoside reverse transcriptase inhibitor (NNRTI), is currently in Phase II testing. In February of 2008, Idenix reported that, in an early-stage study, eight people taking an 800 mg dose of IDX899 saw viral loads drop an average of 99 percent.

"For Idenix, the significant value created through the license of IDX899 enables us to focus all of our resources on advancing our core strategic HCV assets, which include drug candidates from the three major classes of direct-acting HCV antivirals," said Idenix CEO Jean-Pierre Sommadossi.

- here's GSK's release

PLUS: GlaxoSmithKline and Genmab have submitted a Marketing Authorization Application for Arzerra to the EMEA. If approved, the drug would be indicated for chronic lymphocytic leukemia patients with who have previously failed, or are inappropriate for, standard therapies. Arzerra release

Related Articles:
Idenix reports success in early-stage HIV drug trial
Idenix restructures, cuts workforce