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Today In Business: Vertex In Deal For Hepatitis Drug |
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Wednesday, 31 December 1969 |
Vertex Pharmaceuticals said it expected to receive $545 million in milestone payments, plus additional royalties, from Johnson & Johnson as part of an agreement to market and develop Vertex's promising hepatitis C drug, VX-950. Under the agreement, Vertex will retain commercial rights to the drug, which is still in Phase II clinical testing, in the United States, while Johnson & Johnson will sell the drug in most other areas of the world, except Asia, through its Janssen Pharmaceutica N.V. division. Stock in Vertex, which is based in Cambridge, Mass., rose $4.68, or 15 percent, to $36.71 a share. Joshua S. Boger, Vertex's chief executive, said the drug offered the possibility of a three-month cure for hepatitis C, an infection caused by the hepatitis C virus with no adverse side effects....
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Last Updated ( Wednesday, 09 August 2006 )
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