InterMune Goes Up On The Block; GlaxoSmithKline, Roche, Sanofi Line Up
August 14, 2014
By Krystle Vermes, BioSpace.com Breaking News Staff
Multiple sources are reporting that biotechnology company, InterMune, Inc. , is officially preparing for a buyout. InterMune is in talks with financial experts as it looks to strategically prepare for offers from other companies, according to Reuters. Many of Europe’s largest drug makers are poised to make bids on the California-based company.
InterMune is known for its focus on treating fatal scarring of the lungs. Its research is situated around the discovery of small-molecule therapeutics and biomarkers that can help treat pulmonary diseases.
GlaxoSmithKline and Actelion are both bidding for InterMune, according to sources close to the situation. However, Sanofi has allegedly shown the most interest in acquiring the drug maker.
Following the news of its potential buyout, InterMune saw its shares rise in value by more than 14 percent. Reuters reports that InterMune has a value of more than $5 billion.
InterMune was considering a buyout approximately three years ago, but decided to cease the process due to doubt surrounding pirfenidone, a drug that has not been approved for use in the U.S. Now that the drug has seen positive results in late-stage trials, InterMune is moving forward with buyout plans.
The Potential Behind Pirfenidone
Pirfenidone is a drug used to treat cases of fibrosis in organs such as the liver, lungs and kidneys. When administered into patients, pirfenidone can inhibit the synthesis of TGF-beta, a chemical mediator that controls cell functions including proliferation and differentiation, both of which are responsible for fibrosis. Pirfenidone has been approved for use in Europe.
The U.S. Food and Drug Administration does not approve of InterMune’s version of the drug, Esbriet, and pirfenidone cannot be legally administered to patients in the U.S. However, it recently upgraded the drug’s status, pushing it closer to consideration.
“On July 17, the FDA assigned Breakthrough Therapy Designation status for pirfenidone,” said Dan Welch, Chairman, Chief Executive Officer and President of InterMune. “We recently accelerated our preparations for the potential U.S. launch of pirfenidone to be prepared to launch in Q4 2014, versus our previous plan of Q1 2015. We achieved continued Esbriet revenue growth in Europe and Canada and made strong progress with our pirfenidone life cycle management programs and our anti-fibrotic research programs.”
Pirfenidone has been studied in multiple Phase 2 and Phase 3 clinical trials. Bloomberg reports that sales of pirfenidone more than doubled to $35.7 million in the second quarter from $14.4 million the year before.
