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Print Edition StoriesFriday, March 13, 2009
Vertex pays $100M for hep C-focused ViroChem
By Marc Songini
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Biotech Vertex Pharmaceuticals Inc. has wrapped its $100 million acquisition of ViroChem Pharma Inc., giving Vertex access to ViroChem’s hepatitis C virus drug research.
ViroChem is a privately held company based in Laval, Quebec. Cambridge-based Vertex (Nasdaq: VRTX) said that under the deal’s terms, Vertex will pay $100 million in cash and 10.7 million shares of its common stock. The shares issued for the merger will be available for resale when the registration statement is filed. Under terms of the deal, Vertex also owns worldwide rights to the ViroChem HCV drug development portfolio.
More specifically, ViroChem offers HCV Polymerase Inhibitors to Vertex. This will enable Vertex to create new combinations of specifically targeted antiviral therapies for hepatitis C in the treatment of HCV infection. Two of them are VCH-222 and VCH-759, which have demonstrated reductions in plasma HCV RNA when dosed as single agents and were well tolerated in early clinical studies. In the second half of the year, Vertex expects to begin clinical evaluation of new combination regimens of its HCV protease inhibitor telaprevir. The HCV protease inhibitor telaprevir is currently in Phase 3 clinical development.
Vertex focuses on making small molecule drugs for viral diseases, cystic fibrosis, inflammation, autoimmune diseases, cancer and pain relief. It does so by selling products both independently and in collaboration with pharmaceutical companies.
Last month, the company announced it would raise approximately $320 million through a follow-on offering of its common stock. Also last month, Vertex announced the retirement of company founder and current president, CEO and chairman Joshua Boger. His intent was to continue in his position through May 23.
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