Vertex sells Altus stock for $11.7 million

By Elaine Rigoli

Tampa, Fla., Aug. 9 - Vertex Pharmaceuticals, Inc. sold 817,749 shares of Altus Pharmaceuticals Inc. common stock for roughly $11.7 million, resulting in a realized gain of about $7.7 million, to be recognized in the third quarter of 2006.

The company said it will continue to account for the Altus warrants under the cost method of accounting until the end of the lock-up period, at which time the warrants will be classified as derivatives.

Gains or losses on the fair market value of the warrants, as derivatives, will be included in the consolidated statements of operations.

Vertex is a biotechnology company based in Cambridge, Mass.

Altus is a pharmaceutical company based in Cambridge, Mass.

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