IDM Pharma Completes Sale of Non-Core Assets to Pharmexa A/S for $12 Million Cash

05-Jan-2006

IDM Pharma, Inc. announced it has completed the sale of specific assets related to its infectious disease programs and certain other assets to Pharmexa A/S for $12.0 million in cash. IDM will now focus its resources on its five clinical stage cancer programs.

In connection with the asset sale, IDM and Pharmexa entered into fully paid up perpetual license agreements, which guarantee IDM continuing rights to use the PADRE(R) and Epitope Identification System (EIS(R)) technologies in the cancer field, and a three-year services agreement which assures IDM of certain services required for its ongoing clinical trials as well as access to expertise and know-how related to epitope identification. IDM retains all rights related to its cancer programs.

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