UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 27, 2010
Idenix Pharmaceuticals, Inc. |
(Exact Name of Registrant as Specified in Charter)
Delaware | 000-49839 | 45-0478605 |
(State or Other Juris- diction of Incorporation | (Commission File Number) | (IRS Employer Identification No.) |
60 Hampshire Street Cambridge, MA | 02139 | |
(Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code: 617-995-9800
(Former Name or Former Address, if Changed Since Last Report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
On April 23, 2010, ViiV Healthcare Company (“ViiV”), successor in interest to SmithKline Beecham Corporation, doing business as GlaxoSmithKline (“GSK”), notified Idenix Pharmaceuticals, Inc. (the “Company”) that an operational preclinical milestone triggering a $6.5 million payment from GSK with respect to IDX899, now referred to as GSK2248761, had been achieved by the Company pursuant to the License Agreement (defined below) between ViiV and the Company. The Company expects to receive the milestone payment from ViiV in May 2010.
On February 4, 2009, the Company entered into a license agreement (the “License Agreement”) with GSK, whereby the Company granted GSK an exclusive license to develop, manufacture and commercialize certain non-nucleoside reverse transcriptase inhibitor compounds claimed in certain patents and patent applications owned or controlled by the Company, including GSK2248761 developed by the Company, for the treatment and prophylaxis of human diseases and conditions on a worldwide basis. On October 29, 2009, GSK assigned the License Agreement to its affiliate, ViiV Healthcare Company.
Under the terms of the License Agreement, the Company is eligible to receive up to an aggregate of $433.5 million from ViiV, which included an upfront cash payment of $17.0 million, and up to an aggregate of $416.5 million in development and milestone payments, provided specified preclinical and clinical milestones and specified sales thresholds are achieved. There can be no guarantee that any further preclinical or clinical milestones or sales thresholds will be achieved.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Idenix Pharmaceuticals, Inc. | |||
Date: April 27, 2010 | By: | /s/ Ronald C. Renaud, Jr. | |
Ronald C. Renaud, Jr. Chief Financial Officer |