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Vertex Pharmaceuticals Incorporated
Drug Names(s): Polymerase NNI
Description: VCH-916, a small molecule inhibitor of HCV NS5B RNA-dependent polymerase, is a novel drug for the treatment of Hepatitis C infection.
Deal Structure: VCH-916 was originally developed by ViroChem Pharma.
In March 2009, Vertex Pharmaceuticals agreed to acquire ViroChem Pharma in a stock and cash transaction. Following completion of the transaction, Vertex will own worldwide rights to ViroChem's HCV drug development portfolio. Under the terms of the agreement, which have been approved by the Boards of Directors of both companies, ViroChem shareholders will receive $100 million in cash and 9.9 million shares of Vertex common stock. The stock portion of the consideration is subject to a collar, and the actual number of shares of Vertex stock to be issued will be based on an average Vertex share price prior to the acquisition closing, but per the agreement will not exceed 11.0 million shares. Vertex expects the shares issued in this transaction will be immediately tradeable under a resale registration statement which Vertex plans to file at the time of closing. Vertex has completed its acquisition of ViroChem.
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