Biotech Values

[DewDiligence]

IDIX – Economics of NVS Collaborations
in HBV (Telbivudine) and HCV (NM283):



Dew’s notes:

HBV

1. NVS pays for all clinical development in all jurisdictions including post-marketing studies.

2. The remaining $35M of regulatory milestones pertain to Telbivudine approval for marketing in territories outside the U.S.

3. The terms of Telbivudine sales-based milestones have not been disclosed.

4. The terms of royalties/transfer payments due to IDIX on Telbivudine product sales in the NVS-only jurisdictions (“ROW”) have not been disclosed.

HCV

5. NVS pays for all clinical development in all jurisdictions.

6. The remaining license fees payable to IDIX are $70-25=$45M. Half of this amount is payable on the start of a phase-3 NM283 trial in the treatment-naïve setting and half on the start of a phase-3 trial in the treatment-refractory setting.

7. Of the remaining $455M in regulatory milestones, half is for NDA/MAA submissions and half is for NDA/MAA approvals. Each half is divided among the U.S., EU, and Japan, but the exact geographic split has not been disclosed.

8. The terms of NM283 sales-based milestones have not been disclosed.

9. The terms of royalties/transfer payments due to IDIX on NM283 product sales in the NVS-only jurisdictions (“ROW”) have not been disclosed.

[The above slide is from the Bear Stearns presentation today. I’ll post a link to the full slide set when it becomes available.]