The In-Vivo blog reports that Vertex is selling off anticipated payments the Cambridge biotech hopes to earn from a drug development deal.
Vertex announced this morning that it intended to sell (to an unnamed buyer) its future milestone payments associated with the filing, approval and launch of telaprevir in Europe.
Telaprevir is a promising drug for Hepatitis C. This is a case of a big fish betting on a smaller fish. Then, the smaller fish tries to sell off potential future pay-outs on that bet.
For more on this phenom, see my 2007 story in Fast Company magazine.