Word on the street: IPF drug maker InterMune is taking bids
- InterMune is a biotech company developing a drug for idiopathic pulmonary fibrosis (IPF) called Esbriet (pirfenidone).
- The company reported second-quarter losses of $35.7 million, compared with $14.4 million for Q2 2013.
- Although Esbriet is not yet FDA-approved, it is approved in the EU.
The M&A trend continues as pharmaceutical companies strike a variety of mergers, buyouts, and deals. So far this year, there have been $6.2 billion worth of deals in which large pharma companies acquire smaller biotech companies.
Despite InterMune’s second-quarter losses, the stock market has shown optimism about the company based on the widespread consensus that an FDA approval for Esbriet is likely. There is currently no FDA-approved treatment for IPF, and Esbriet has been successful in clinical trials. On July 17, the FDA designated Esbriet as a breakthrough therapy.
- Bloomberg News Europe’s Biggest Drugmakers Said to Bid for InterMune