In place of NVS’ prior right of first negotiation on all IDIX compounds at the PoC stage, NVS now gets an undisclosed sales-based royalty on any HCV drug IDIX commercializes. These changes suggest that NVS doesn’t think much of IDIX’s HCV portfolio, IMO.
In other deal terms, NVS will no longer pay IDIX royalties on sales of Tyzeka/Sebivo (a drug for HBV), which had amounted to about $10/year, and NVS is reducing its representation on IDIX’s BoD from two directors to one.
NVS owned a 31% equity stake in IDIX prior to the newly announced offering, but this stake will clearly shrink if NVS does not participate in this (and subsequent) IDIX financing deals.
Market Data 
Markets 
AI
