IDM sells non-core assets to Pharmexa for $12M
San Diego, USA-based IDM Pharma says it has completed the sale of specific assets related to its infectious disease programs and certain other assets to Pharmexa A/S of Copenhagen, Denmark, for $12.0 million in cash. IDM will now focus its resources on its five clinical-stage cancer programs.
In connection with the asset sale, IDM and Pharmexa have entered into fully-paid up perpetual license agreements, which guarantee the US firm continuing rights to use the PADRE and Epitope Identification System (EIS) technologies in the cancer field, and a three-year services agreement which assures IDM of certain services required for its ongoing clinical trials as well as access to expertise and know-how related to epitope identification. IDM retains all rights related to its cancer programs.
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