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Insmed Announces Fourth Quarter and Full-Year 2008 Financial Results
Date:3/11/2009

RICHMOND, Va., March 11 /PRNewswire-FirstCall/ -- Insmed Inc. (Nasdaq: INSM), a developer of follow-on biologics (FOB) and biopharmaceuticals, today reported results for the quarter and full-year ended December 31, 2008.

Company Highlights

  • Follow-on Biologics Program
    • Insmed entered into a definitive agreement with Merck & Co., Inc. whereby Merck, through an affiliate, will purchase all assets related to Insmed's follow-on biologics platform.
      • Insmed to receive a total of $130 million for the assets. After fees, taxes and other costs related to the transaction, Insmed expects net proceeds of approximately $123 million as a result of this agreement.
      • Insmed will receive initial payments of up to $10 million for Insmed's lead follow-on biologic candidates and the remaining balance upon closing of the transaction, which continues to be targeted for March 31, 2009.

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