DURHAM – The publicly-traded biopharmaceutical company Chimerix, headquartered in Durham, has sold the rights to manufacture an oral antiviral that can be used to treat smallpox to Emergent BioSolutions Inc.
It was a deal for $238 million for Emergent BioSolutions to buy TEMBEXA®.
That agreement could be worth as much as $680 million, according to prior reporting from WRAL TechWire. The company had signed other procurement deals worth about $34 million for the drug treatment, as well.
Additional compensation could come to Chimerix, as well, including potential milestone payments of up to a total of $124 million, 15% royalty fees on gross profit due to sales outside of the United States, 20% in royalty fees for gross profits on sales in the United States in excess of 1.7 million treatment courses, and up to $12.5 million more if certain other milestones are reached, according to a statement.
“The closing of our sale of TEMBEXA to Emergent allows Chimerix to accelerate the value of this product while still participating in its longer-term potential,” said said Mike Sherman, CEO of Chimerix. “As we look ahead, our balance sheet is enhanced significantly to support the ongoing development of our oncology franchise.”
The deal with Emergent BioSolutions was announced earlier this year.