Biotech Values

[DewDiligence]

From ITMN’s 1Q08 CC (http://staticorigin.seekingalpha.com/article/77859-intermune-inc-q1-2008-earnings-call-transcript?page=-1 ):

Terence Flynn (Lazard): I was just wondering…if your agreement with Roche for 191 precludes them from conducting, say, combination trials of a polymerase inhibitor and a protease inhibitor other than 191?

Dan Welch: Well, Terence, we have filed a redacted version of our contract with Roche in our 2006 10-K… if you read that, you will find that we have an exclusivity to each other for the mechanism of action that is protease inhibition. And there are consequences should that exclusivity be broken. And so, I would encourage you to look at the disclosure. And we feel very confident and very comfortable in our position that Roche is committed to 191 and has an exclusivity agreement with pretty important consequences to them should that agreement be broken.