DURHAM – Chimerix has agreed to sell its smallpox countermeasure to Emergent BioSolutions in a deal worth as much as $337 million.

The treatment is called brincidofovir and includes Tembexa, which has already been approved by the FDA.

The deal was announced Monday.

The FDA has approved Tembexa, which also is known

“Emergent is an ideal partner to maximize the long-term potential of TEMBEXA to ensure pandemic preparedness in the event of a smallpox recurrence,” said Mike Sherman, CEO of Chimerix, in a statement. “This transaction significantly enhances Chimerix’s balance sheet and allows us to focus and invest in our development pipeline. We also continue to participate in the longer-term economics of TEMBEXA through US milestones and double-digit royalties from US and international revenues.”

Chimerix is crrently negotiating a contract with the Biomedical Advanced Research and Development Authority for a procurement contract of the treatment.

Chimerix is to $225 million upon closing of the transaction plus up to $100 million in up to four $25 million milestone payments, the company added.

Also on Monday, Chimerix reported a loss of $24.8 million in its first quarter.

On a per-share basis, the firm said it had a loss of 28 cents.

The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 35 cents per share.

The biopharmaceutical company posted revenue of $15,000 in the period.