CAMBRIDGE, Mass., Sept. 28 /PRNewswire-FirstCall/ -- Idenix Pharmaceuticals, Inc. (Nasdaq: IDIX), a biopharmaceutical company engaged in the discovery and development of drugs for the treatment of human viral diseases, today announced a strategic restructuring. As part of the restructuring, Idenix has amended the collaboration agreement with Novartis Pharma AG related to Tyzeka(R)/Sebivo(R). Per the amended agreement, Idenix will discontinue all development, manufacturing and commercial activities for Tyzeka/Sebivo. Novartis will continue these activities and have full responsibility for ongoing and future clinical trials and regulatory filings related to Tyzeka/Sebivo. Additionally, Idenix will receive a royalty on worldwide product sales. As a result of these changes, Idenix is reducing its workforce by approximately 100 positions, the majority of which support the development and commercialization of Tyzeka/Sebivo in the United States and Europe. Following this reduction, Idenix will have approximately 200 employees at the company. The company anticipates that this action will reduce its cash burn rate by between 40 percent and 50 percent.
"This has been a challenging time in the evolution of our company and
we have re-evaluated our strategic plan and our organizational structure,"
said Jean-Pierre Sommadossi, Ph.D., chairman and chief executive officer of
Idenix. "We made a strategic decision to focus all of our resources on our
hepatitis C and HIV/AIDS discovery and development programs; as such, we
have discontinued the development of valtorcitabine for the treatment of
hepatitis B and have changed our agreement for Tyzeka/Sebivo to a royalty
stream arrangement. These decisions will enable us to concentrat
|SOURCE Idenix Pharmaceuticals, Inc.|
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