Contemporaneous reaction to the Albuferon deal:
Albuferon and IDIX’s NM283 are at a similar stage of development, but the deal HGSI got from NVS for Albuferon is not as lucrative as the deal IDIX got from NVS for NM283. HGSI has to pay half of the Albuferon development costs, while NVS pays 100% of the development costs for NM283. (The potential milestones in the two deals are roughly similar.)
What’s remarkable is how many irons NVS has in the HCV fire: a nucleoside polymerase inhibitor (NM283 from IDIX in phase-2b), an immunomodulator to replace interferon (ANA975 from ANDS in phase-1b), a non-nucleoside drug-discovery program with GNLB including the first right on anything actually discovered, and now Albuferon.
About the only thing NVS does not have cooking in HCV is a protease inhibitor, and they may be looking to rectify that as we speak.
ANDS would appear to be the company with the most to lose from the NVS-HGSI collaboration.
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