Summary
Vertex Pharmaceuticals (VRTX) announced a significant development regarding its drug candidate, pralnacasan. Sanofi Aventis, the successor to Aventis S.A., has formally notified Vertex of its intention to terminate the License, Development and Commercialization Agreement for pralnacasan, effective May 7, 2005. While the reason for termination was not provided, it follows Aventis' suspension of clinical development in November 2003 pending ongoing toxicology studies. This termination means all rights to pralnacasan will revert back to Vertex Pharmaceuticals.
Key Highlights
- 1Sanofi Aventis intends to terminate the pralnacasan License, Development and Commercialization Agreement, effective May 7, 2005.
- 2The termination follows Aventis' suspension of pralnacasan clinical development in November 2003.
- 3No specific reason for termination was provided by Sanofi Aventis.
- 4Under the agreement, Sanofi Aventis was solely responsible for pralnacasan's development funding and milestone payments.
- 5Upon termination, all rights to pralnacasan will revert back to Vertex Pharmaceuticals.
- 6Vertex Pharmaceuticals will not incur any early termination penalties.
- 7The company also issued a press release on February 9, 2005, reporting its Q4 and full-year 2004 financial results and providing 2005 financial guidance.