InterMune sells danoprevir rights to Roche

InterMune Inc. (NASDAQ:ITMN) sold all rights to HCV candidate danoprevir to partner Roche (SIX:ROG; OTCQX:RHHBY) for $175 million in cash. InterMune will no longer be eligible for any milestones or royalties from the HCV non-structural protein 3 and 4A ( NS3/4A) protease inhibitor, which Roche originally in-licensed in 2006. Danoprevir is in Phase IIb testing. InterMune said the cash will support registration and commercialization of pirfenidone in the U.S. and EU, while eliminating further financial obligation for danoprevir. In May, the company reduced headcount by 40% after FDA requested an additional clinical trial in a complete response letter for pirfenidone to treat idiopathic pulmonary fibrosis (IPF). InterMune expects to have about $290 million in cash at the end of 2010. At June 30, the company had $150.7 million in cash, and a six-month operating loss of $56.2 million. ...