Vertex Pharmaceuticals Inc (VRTX)

[surf1944]

6:06AM Vertex Pharma announces intention to sell its rights to European milestone payments for telaprevir (VRTX) 33.39 : Co announces its intention to sell the rights to certain milestone payments tied to the future regulatory filing, approval and market launch of its hepatitis C virus protease inhibitor drug candidate, telaprevir, in Europe. As part of a collaboration signed in June 2006 to develop and commercialize telaprevir for the treatment of HCV, Janssen Pharmaceutica N.V., a Johnson & Johnson (JNJ) co, agreed to pay Vertex a total of $250 mln in aggregate milestone payments for successful development and launch of telaprevir in the European Union. The milestones anticipated for telaprevir in Europe include $100 mln related to regulatory filing and approval and $150 mln related to launch of telaprevir. Vertex anticipates, based on projected development and commercial timelines for telaprevir, and assuming successful development, that it will earn these milestones prior to April 2012.