Notes from IDIX webcast at Bear Stearns conference:
JP Sommadossi must have had an extra dose of Marseille-roast coffee today because his presentation was better than usual. Among the points covered that were sometimes omitted in past presentations:
1. NVS and IDIX have a standstill agreement that runs until May 2008. NVS cannot increase its equity stake in IDIX until then unless a majority of the seven non-NVS directors on IDIX’s BoD concur.
2. The remaining $500M in potential milestones that IDIX can earn from NVS for NM283 development pertain exclusively to regulatory rather than sales-based events. (iHub poster, kcalt, highlighted this detail a while ago.)
3. Outside of the U.S. and Western Europe, where NVS and IDIX have a 50/50 profit split on Telbivudine and NM283, IDIX will earn an undisclosed transfer payment—a blended royalty and manufacturing recompense—on drug sales. (Some of IDIX’s PRs and SEC filings have omitted this salient detail.)
All told, a good effort by JP today. Perhaps the rising stock price has put him in a better mood.
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