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ViroPharma Incorporated Reports Third Quarter 2008 Financial Results
Date:10/29/2008

Lilly in connection with the Vancocin acquisition, net sales as of September 30, 2008 exceeded the milestone threshold of $45.0 million. As a result, the Company recorded additional purchase price of $7.0 million to intangible assets in 2008. No purchase price consideration will be due to Lilly relating to net sales occurring in the remainder of 2008.

Working Capital Highlights

As of September 30, 2008, ViroPharma's working capital was approximately $671.8 million, which represents a $77.4 million increase from December 31, 2007, $27.8 million of which occurred in the third quarter of 2008. The nine month increase is primarily the result of cash flows provided by sales of Vancocin.

Business Development Highlights

On October 21, 2008, we completed the merger under which ViroPharma acquired Lev Pharmaceuticals, Inc. (Lev). Lev is a biopharmaceutical company focused on developing and commercializing therapeutic products for the treatment of inflammatory diseases. The terms of the merger agreement provided for the conversion of each share of Lev common stock into upfront consideration of $442.9 million, or $2.75 per Lev share, comprised of $2.25 per share in cash and $0.50 per share in ViroPharma common stock, and contingent consideration of up to $1.00 per share which may be paid on achievement of certain regulatory and commercial milestones. The Company used approximately $385 million of cash to fund the acquisition, including deal related expenses, and will issue approximately 7,359,667 shares in conjunction with the merger.

Looking ahead in 2008

ViroPharma is commenting upon guidance for the year 2008 as a convenience to investors. The following guidance provided by ViroPharma are projections, based upon numerous assumptions, all of which are subject to certain risks and uncertainties. For a discussion of the risks and uncertainties associated with these forward looking statements, please see the Disclosure Notice below. <
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SOURCE ViroPharma Incorporated
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