NEW YORK (AP) -- InterMune Inc. said Wednesday that it has completed the sale of its immune system disorder drug Actimmune to specialty drugmaker Vidara Therapeutics International Ltd.
InterMune said May 22 that it had agreed to sell Actimmune to Vidara for $55 million. It could also get royalties on sales of Actimmune over the next two years, and InterMune said Tuesday that it expects $2 million to $4 million in payments over that time.
The Brisbane, Calif., company said the deal would give it additional cash and lower costs as it focuses on its lung disease drug Esbriet. The drug was launched in Germany in 2011 and InterMune is holding negotiating with regulatory agencies in other European countries. It hopes to start selling Esbriet in the U.S. in 2014.
With the sale complete, InterMune now expects $200 million to $235 million in annual expenses, down from $215 million to $260 million. The new estimate includes $90 million to $105 million in research and development costs and $110 million to $130 million in selling, general and administrative costs. Previously InterMune expected $95 million to $115 million in research costs and $120 million to $145 million in general costs.
Shares of InterMune rose 12 cents to $12.34 in morning trading. Its shares have traded in a 52-week range of $9.66 to $37.45 in the past year.