Vertex to get additional $22 million from partner in cystic fibrosis drug research

By Ted A. Knutson

Washington, Jan. 12 - Vertex Pharmaceuticals Inc. said Thursday that Cystic Fibrosis Foundation Therapeutics Inc. agreed Jan. 6 to provide it with an additional $22 million for continued research of corrector compounds that modulate the cystic fibrosis transmembrane conductance regulator protein.

The research program started in 2004 will continue until March 31, 2008, but Cystic Fibrosis Foundation Therapeutics has the right to terminate the collaboration without cause, effective on June 30, 2006 and June 30, 2007, upon 60 days' prior written notice.

Vertex will retain the right to develop and commercialize any compounds discovered in the course of the research and will pay a royalty to Cystic Fibrosis Foundation Therapeutics on the net sales of any drugs discovered in the course of the collaboration.

Cystic Fibrosis Foundation Therapeutics will make a milestone payment to Vertex upon advancement of the first compound from the research program into clinical development.

Vertex Pharmaceuticals is a biotechnology company based in Cambridge, Mass., that develops small molecule drugs for the treatment of serious diseases such as viral diseases, inflammation, autoimmune diseases and cancer.

The announcement was made in an 8-K filing with the Securities and Exchange Commission.

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