Idenix licenses valopicitabine to Novartis in $70M deal

Idenix Pharmaceuticals, a USA-based biopharmaceutical company focused on infectious diseases, says that Novartis has exercised its option to license valopicitabine (NM283), an oral antiviral, and Idenix' lead compound, in development for the treatment of hepatitis C. Under the terms of the deal, Idenix may receive up to $70.0 million in license fees, of which $25.0 million is payable in conjunction with the option exercise. The remaining $45.0 million will be paid upon valopicitabine's advancement into Phase III trials in treatment-naive and treatment-refractory patients in the USA. In addition, Idenix may receive up to $455.0 million in milestone payments upon achievement of regulatory filings and marketing authorization approvals in the USA, Europe and Japan. Expenses incurred by Idenix on the development of the HCV RNA polymerase inhibitor subsequent to the date of license will be reimbursed by the Swiss drug major. If successfully developed, the two companies will co-promote the therapeutic in the USA and each of the five major European markets: the UK, Spain, France, Italy and Germany.