IntraBiotics restarts R&D

IBPI said Friday that it changed its name to Ardea Biosciences and acquired three preclinical development programs covering HIV, cancer and inflammatory diseases from Valeant (VRX). IBPI had been inactive since May 2005, when it ceased operations after its iseganan synthetic antimicrobial peptide analog failed three Phase III trials for pneumonia and oral mucositis (See BioCentury Extra, Friday, May 06, 2005).

VRX is eligible for up to $42 million in milestones plus mid-single-digit royalties. The company also has an option to repurchase ex-U.S. and ex-Canada commercialization rights to the first HIV candidate that Ardea advances to Phase III testing. ...