Experimental Treatment

摘要

These have been tryingrntimes for small, capital-intensive biopharmaceuticals companies, which have been virtually shut out of conventional capital markets. But Vertex Pharmaceuticals in Cambridge, Massachusetts, has discovered a novel solution: intellectual-property securitization.rnIn July the company announced that it was selling rights to future European revenue from a new hepatitis C drug called Telapre vir, which is in phase-three clinical trials and is expected to hit the market by April 2012. The deal, whose details are still being worked out, would give investors a stake in a series of payments totaling $250 million that Janssen Pharmaceutica, a Johnson & Johnson company, is expected to give Vertex on its successful completion of certain development milestones.